Senior Fellow Alan Gelb is quoted in an article by the Zimbabwe Independent on what's really needed for growth in Zimbabwe.
Alan Gelb, a fellow of the Centre for Global Development (CGD), said the drive can however not be achieved without political and institutional consensus, which has proved to be a major challenge in other economies.
Resource-based economies, he argued, faced a lot of uncertainty as market fluctuations expose producers to huge revenue and trade shocks.
“Who would have thought crude oil prices could fall to US$34 per barrel from as high as US$100,” said Gelb in his keynote presentation at a World Bank and Zimbabwe Economic Policy Analysis and Research Unit High-Level Technical Dialogue on Zimbabwe Growth Recovery forum this week.
“If you want to be rich you need more than just natural resources or natural capital. You must move to produced and intangible capital. When countries are poor, they have mostly natural capital and they move to produced and intangible capital as they get richer.”