Economic Outline Economic Indicators Mauritius has had low but steady growth rates over the last few years and is among the most dynamic economies in Sub-Saharan Africa. Growth was projected to have reached 3. Growth was driven by the service sectors, namely financial services and tourism, which has proven resilient and was not negatively impacted by sluggish growth in the EU and Brexit as feared.
Working in the salt marshes. InProfessor James Meade painted a bleak picture of the economic prospects of Mauritius, which then had a population ofAll the disadvantages associated with smallness of island states weighed heavily in his conviction that Mauritius was caught in a Malthusian trap and, therefore, if economic progress could at all be achieved, it would be to a very limited extent.
Since independence inMauritius has developed from a low-income, agriculturally based economy to a middle-income diversified economy with growing industrial, financial, ICT and tourist sectors. This compares very favourably with other sub-Saharan African countries and is largely due to sustained progress in economic conditions; between andgrowth averaged 4.
The government's development strategy centers on expanding local financial institutions and building a domestic information telecommunications industry. Top The mauritian economy attracting FDI inflows from Mauritius from January to December, are electrical equipment, telecommunications, fuels, cement and gypsum products and services sector financial and non-financial.
The economy has shown a considerable degree of resilience, and an environment already conducive to dynamic entrepreneurial activity has moved further toward economic freedom. A transparent and well-defined investment code and legal system have made the foreign investment climate in Mauritius one of the best in the region.
Taxation is competitive and efficient. The economy is increasingly diversified, with significant private-sector activity in sugar, tourism, economic processing zones, and financial services, particularly in offshore enterprises. The government is trying to modernize the sugar and textile industries, which in the past were overly dependent on trade preferences, while promoting diversification into such areas as information and communications technology, financial and business services, seafood processing and exports, and free trade zones.
Agriculture and industry have become less important to the economy, and services, especially tourism, accounted for over 72 percent of GDP. The government still owns utilities and controls imports of rice, flour, petroleum products, and cement.
Policies for success[ edit ] Recent reports on progress on the Millennium Development Goals by the Overseas Development Institute indicated four key reasons for economic success. Mauritius has followed a pragmatic development strategy in which liberalisation process was sequenced and tailored to its competitive advantages and weaknesses.
Mauritius profited from sugar rents, established an export processing zone EPZ and successfully attracted capital and foreign investment in manufacturing.
Further diversification, liberalisation and investment. Concerted strategy of nation building[ edit ] A concerted strategy of nation building since Independence created the foundations for sustained growth.
In the financial sector they have built a regulated and well-capitalised banking and financial system that protected it from toxic assets prior to the global financial crisis.
The ICAC has the power to detect and investigate corruption and money-laundering offenses and can also confiscate the proceeds of corruption and money laundering.
Corruption is not seen as an obstacle to foreign direct investment. High levels of equitable public investment[ edit ] Mauritius has a strong human capital foundation developed through consistent and equitable investment in human development.
The educated and adaptable workforce were essential elements of s export-orientated growth. The economic success achieved in the s engendered the rapid growth of the financial services sector in Mauritius.
The following types of offshore activities can be conducted in Mauritius:The Mauritian Economy has been constantly changing and growing during the last decades.
Dominated since long by the monoculture of sugarcane, then by the textile industry, the Mauritian Economy now positions itself towards boosting sectors such as tourism, new technologies, the finances or even residential investments.
Since independence in , Mauritius has undergone a remarkable economic transformation from a low-income, agriculturally based economy to a diversified, upper middle-income economy with growing industrial, financial, and tourist sectors.
Economic Overview. Since independence in , Mauritius has undergone a remarkable economic transformation from a low-income, agriculturally-based economy to a diversified, upper middle-income economy with growing industrial, financial, and tourist sectors.
Jan 22, · What is Africa's most competitive economy? Is it oil-rich Nigeria? No. Perhaps South Africa, the continent's mining powerhouse?
Try again. Economic Indicators. Mauritius has had low but steady growth rates over the last few years and is among the most dynamic economies in Sub-Saharan Africa. Mauritius’s economic freedom score is , making its economy the 21st freest in the Index. Its overall score has increased by point, with improvements in scores for the government integrity and property rights indicators offsetting a decline in .