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Industrial policy, economic growth and unemployment in the wake of the 2008-2009 global financial crisis: The Zambian perspective
This paper investigates the extent to which the 2008 - 2009 financial crisis impacted economic growth and employment in developing countries, with Zambia as the entity of focus. It further examines the industrial policy strategies employed by the country before, during and after the crisis and wheth...
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| Format: | Thesis |
| Language: | English |
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Research of GSB
2018
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| Summary: | This paper investigates the extent to which the 2008 - 2009 financial crisis impacted economic growth and employment in developing countries, with Zambia as the entity of focus. It further examines the industrial policy strategies employed by the country before, during and after the crisis and whether they have been effective in shielding the country from exogenous shocks and creating sustainable employment opportunities. This provides a unique perspective by evaluating policy responses to external shocks while monitoring the key economic variables highlighted. It draws from conceptual ideas and previous research around the evolution of financial crises and industrial policy, evaluating the manner in which the effects of the former, originating from financial markets in developed economies, trickle down to developing nations with no solid roots in international financial markets. Furthermore, it assesses the application of the latter concept and its ability to preserve and support sustainable economic development. The paper presents an exploratory case study analysis of Zambia which has been negatively affected by the financial crisis to a large extent due to number of vulnerabilities that leave the country exposed. The findings suggest that industrial policy in itself cannot fully insulate developing countries from the dynamic and unpredictable external environment. However, there are a number of policy considerations that can be made, highlighted as concluding recommendations, to support the growth of the economy and mitigate against the impact of inevitable external shocks. It is important to note that each developing country case is unique to itself but generalised findings can still be comparable to other countries that share some fundamental demographic similarities. |
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