However, as I saw somewhere, “an international crisis is a terrible thing to waste”, the implication being that we should convert our current mis-fortunes into an opportunity to finally diversify the economy, while some energy sector revenues are still forthcoming. What are the primary obligations of the state in respect of economic diversification?
At the macro-economic level, Government’s role is the provision of the public goods and services that are essential to the growth process. Thus, the focus should be on the improvement of our economic infrastructure – specifically roads, water, electricity, ports and so on. Government has indeed announced sizable investment programmes in these areas, starting this fiscal year.