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Working Paper

Policy and Institutional Dynamics of Sustained Development in Botswana

ADVERSE CONSEQUENCES AGRICULTURE APARTHEID ARREARS BALANCE OF PAYMENTS BUDGET DEFICIT BUDGET DEFICITS BUDGET SURPLUS BUDGET SURPLUSES BUDGETING CAPITAL ASSET CAPITAL FLOWS CAPITAL INFLOW CAPITAL STOCK CASH BALANCES CHECKS CLEAN WATER COLONIALISM COMMERCIAL BANKS COMPARATIVE ADVANTAGE COMPETITIVENESS CREDIBILITY CREDIT RATINGS CURRENCY CUSTOMS UNION DEBT DEBT BURDEN DEBT CRISES DEBT INTEREST DEBT SERVICE DEBT SERVICING DECISION MAKING DEFICIT FINANCING DEMOCRACY DEMOCRATIC INSTITUTIONS DEMOGRAPHIC DEPOSITS DEVELOPING COUNTRIES DEVELOPMENT AGENCY DEVELOPMENT PATH DEVELOPMENT POLICIES DEVELOPMENT POLICY DEVELOPMENT PROJECTS DEVELOPMENT STRATEGIES DEVELOPMENT STRATEGY DIVIDENDS ECONOMIC DEVELOPMENT ECONOMIC DOWNTURN ECONOMIC GROWTH ECONOMIC LIBERALIZATION ECONOMIC PERFORMANCE ENABLING ENVIRONMENT EQUIPMENT EQUITY FINANCING EXCHANGE RATE EXCHANGE RATE REGIME EXCHANGE RATES EXCHANGE SYSTEM EXPORT COMPETITIVENESS EXPORT MARKET EXPORTS EXTERNAL FUNDING FINANCIAL ASSETS FINANCIAL CONSTRAINTS FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL RETURNS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICES FINANCIAL SUPPORT FISCAL DEFICITS FISCAL DISCIPLINE FISCAL POLICIES FIXED CAPITAL FLOATING EXCHANGE RATE FORECASTS FOREIGN CAPITAL FOREIGN COMPANIES FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN GOVERNMENTS FOREIGN INVESTMENT FOREIGN INVESTOR FOREIGN INVESTORS FREE TRADE GDP PER CAPITA GNP GNP PER CAPITA GOOD GOVERNANCE GOVERNANCE PRACTICES GOVERNMENT BUDGET GOVERNMENT BUDGET DEFICITS GOVERNMENT EXPENDITURE GOVERNMENT INVESTMENT GOVERNMENT POLICIES GOVERNMENT POLICY GOVERNMENT REVENUE GOVERNMENT SAVINGS GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT GROWTH GROSS FIXED CAPITAL FORMATION GROWTH RATE GROWTH RATES HOUSEHOLD SAVINGS HUMAN CAPITAL HUMAN RESOURCE HUMAN RESOURCES INDEPENDENT JUDICIARY INDUSTRIALIZATION INFLATION INFLATION RATE INFLATIONARY PRESSURE INFLATIONARY SPIRAL INHERITANCE INSTRUMENT INSURANCE INTEREST PAYMENTS INTERNATIONAL BANK INTERNATIONAL CREDIT INTERNATIONAL CREDIT RATINGS INTERNATIONAL DEVELOPMENT INTERNATIONAL ECONOMY INVENTORY INVESTING INVESTMENT BANK INVESTMENT PROJECTS INVESTMENT RATE INVESTMENT SPENDING ISSUANCE JOINT VENTURE LAND POLICIES LANDOWNERS LEGAL FRAMEWORK LENDER LIFE EXPECTANCY LOAN LOCAL GOVERNMENT LOCAL GOVERNMENTS MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC STABILITY MARKET ECONOMY MARKET PRICES MICROENTERPRISES MONETARY AUTHORITY MONETARY FUND MONETARY POLICY NATIONAL CREDIT NATURAL ENDOWMENTS NATURAL RESOURCE NATURAL RESOURCES OPEN ECONOMIES OUTPUT OUTPUT RATIO OUTSOURCING PER CAPITA INCOME POLITICAL ECONOMY POLITICAL STABILITY POLITICAL SYSTEM PRICE INCREASES PRIVATE CAPITAL PRIVATE CAPITAL INFLOWS PRIVATE INVESTMENT PRIVATIZATION PRODUCTIVE ASSETS PROPERTY RIGHTS PUBLIC ASSETS PUBLIC DEBT PUBLIC FINANCE PUBLIC INVESTMENT PUBLIC POLICY PUBLIC SAVINGS PUBLIC SPENDING RAPID DEVELOPMENT RAPID ECONOMIC GROWTH RAPID GROWTH RATE OF GROWTH RATE OF RETURN REAL EXCHANGE RATE REAL GDP REAL GROSS DOMESTIC PRODUCT REAL INCOME REAL INTEREST REAL INTEREST RATES RECURRENT EXPENDITURE RECURRENT EXPENDITURES REGIONAL INTEGRATION REGULATORY FRAMEWORKS RENEGOTIATION REPUTATION RESERVE RESERVE FUNDS RESERVES RETURNS RISK SHARING RULE OF LAW SAVINGS SAVINGS RATE SAVINGS RATIO SEED CAPITAL SHAREHOLDER STATISTICAL ANALYSES SUSTAINABLE DEVELOPMENT SUSTAINABLE GROWTH TAX TAX INCENTIVES TECHNICAL ASSISTANCE TRACK RECORD TRADE UNIONS TRADING TRANSPARENCY UNEMPLOYMENT UNEMPLOYMENT RATE URBANIZATION WAGES WEALTH WORLD MARKET
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World Bank, Washington, DC
Africa | Botswana
2017-08-28T20:05:00Z | 2017-08-28T20:05:00Z | 2008

Botswana represents one of the few development success stories in Sub-Saharan Africa. Real Gross Domestic Product (GDP) growth averaged almost 9 percent between 1960 and 2005, far above the Sub-Saharan Africa average. Real GDP per capita grew even faster, averaging more than 10 percent a year -- the most rapid economic growth of any country in the world. The crucial question is: Why has Botswana grown the way it has done, and what lessons does it offer? This evidence-based story is an account of policy and institutional dynamics of sustained growth and development in Botswana -- illuminating the role of leadership. It shows how a secure political elite has pursued growth-promoting policies and developed, modified, and maintained viable inherited traditional and modern institutions of political, economic, and legal restraint. These institutions have remained robust in the face of initial large aid inflows and spectacular mineral rents, producing a growth pattern that has been both rapid and cautious. The nature of the Botswana developmental state is illustrated by the way in which the state mobilized development resources-especially savings, investment, and human resources, widely known as the primary drivers of economic growth, and prudently managed the economy without becoming excessively involved in the nuts. It demonstrates that through intentional policy choices and countercyclical instruments, countries can shift from aid-dependent to trade-led natural resource development (though probably with narrow-based growth), to a broader development strategy as long as the state is capable and operates within effective institutional design. Botswana's story is sterling example of how the critical issue in development is not so much access to resources but how resources are managed.

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