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Small is beautiful but vulnerable: the Swazi economy aftermath of the global financial crisis

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  • Ayoki, Milton

Abstract

This paper documents economic trend in Swaziland aftermath of the global economic and financial crisis, establishing that Swaziland’s economy is highly dependent on external market and the country’s growth prospect is largely contingent on developments in South Africa. The declining trend in Swaziland’s growth trajectory has arisen in part from the country’s reliance on revenues from a few primary commodity exports and foreign inflows, and falling revenue from SACU’s revenue sharing pool, which reaffirms both the impact of the global economic crisis and the binding constraints to economic growth and country’s eroding global competitiveness. Government borrowing and the rate of build-up of public debt is directly link to changes in SACU revenue.

Suggested Citation

  • Ayoki, Milton, 2011. "Small is beautiful but vulnerable: the Swazi economy aftermath of the global financial crisis," MPRA Paper 81504, University Library of Munich, Germany, revised Dec 2016.
    • Handle: RePEc:pra:mprapa:81504
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    File URL: https://mpra.ub.uni-muenchen.de/81504/1/MPRA_paper_81504.pdf
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    Citations

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    Cited by:

    1. Ayoki, Milton, 2016. "The textile and clothing industry in Lesotho in the wake of the multi-fibre agreement phase-out," MPRA Paper 88112, University Library of Munich, Germany.
    2. Ayoki, Milton, 2017. "The impact of multi-fibre agreement phase-out on Sub-Saharan Africa’s textiles and clothing exports," MPRA Paper 88122, University Library of Munich, Germany.
    3. Ayoki, Milton, 2011. "Swaziland’s Fiscal Policy: The Choices Ahead," MPRA Paper 82058, University Library of Munich, Germany.

    More about this item

    Keywords

    Economic Growth; Fiscal Policy; Financial Crisis; Fiscal Risk; Government Borrowing; Public Debt; Small States; SACU; Swaziland.;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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