2nd Competitiveness Forum Suriname

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• published: 12 Mar 2015
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Competitiveness Forum Suriname 2015 Paramaribo Suriname OBJECTIVE: To discuss with relevant stakeholders the main issues regarding creating a Comprehensive Strategic Plan for Economic Diversification and growth, and SME promotion, as well as discuss the progress and next steps for improving business climate, innovation, productivity and competitiveness in Suriname. BACKGROUND: Suriname remains one of the fastest growing economies in the region. In 2013, real Gross Domestic Product (GDP) expanded by about 4% and is projected to grow around 4.5% per year over the medium-term. Although Suriname has experienced recent sustained economic growth over the last 10 years, its economy depends mainly upon gold, oil and bauxite, showing vulnerability to unpredictable swings in international prices of these main exports Thus, Suriname has been engaging in structural reforms to transition to a new economic model, with a diversified production basket and a less vulnerable economic base to foster greater participation of Suriname’s private sector in economic activity. Enhanced competitiveness 1 is critical for Suriname to benefit more from an increasingly globalized world economy, to reduce dependence on natural resources, increase private sector employment and fuel economic growth and diversification. It is recognized by the public and private sector, there is much work to be done e.g. focus on good governance , economic diversification and growth, prudent monetary policy, responsible public finance management and enhancing the role of the private sector in economic growth. There is a need for action and interventions to increase productivity, improve the business climate and improve overall competitiveness of the country. In order to reduce the economy’s fragility, the government is implementing broad based structural reforms that will facilitate the transition to a more diversified and less vulnerable economy, characterized by higher participation of the private sector. To achieve these specific goals, a clear strategy is needed to guide public and private actors in the context of modern productive policy making . Thus, there is a need for a comprehensive productive policy to lead the process in an orderly manner with a longer-term vision for economic transformation. In addition, the current legal framework is being updated to support private sector activity. Legislation and rules supporting the business climate together with the institutions governing the markets and ensuring their effective deployment are also in the process of being strengthened and modernized. Although Suriname has started to implement some measures to improve the business climate, the