Page 17 - Economic transformation

Worsening current account
As argued above, a quickly growing construction industry is most likely to have

contributed inflationary pressure on the economy. Additionally, it is most likely to have

also put pressure on the country’s current account leading to pressure on the exchange

rate which is in turn reflected in the country’s low GDP PPP values.

Proposing policy intervention areas that can accelerate economic
transformation

This section proposes policy intervention areas which it believes have the potential

to facilitate stronger economic transformation within an SDG framework. At this stage it

is important to reiterate that the preceding analysis was based on available data. Further,

the saying that there are ‘many ways to skin a cat’ suffices. In this regard, while it is

accepted, that depending on the available data, an analysis different to the one followed

in this chapter may be made and would still be valid. It is however also this chapter’s

proposition that, even in such a case, it is most likely that the same root causes as the ones

in the next sections will be identified (due to the multidimensional nature of economic

transformation within an SDG context).

It is also reiterating that the chapter is not intended to be an exhaustive ‘deep dive’

into the issues. Rather, it is the chapter’s motivation that the broad issues identified below

constitute major issues requiring attention in the country. The analysis is therefore meant

to be a springboard on which the UN, together with other development partners and

under the government’s leadership can identify the main broad issues influencing

economic transformation in the country (and how they are multidimensionally related to

economic transformation) and develop targeted programme interventions. The chapter

therefore does not attempt to provide programmatic recommendations but rather policy

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