In the news for the week of March 13, pre-primary schools will soon be free, pre-budget consultations launched and better economic prospects for the country according to SBM Insights.
Pre-primary schools will soon be free of charge
During his last speech on March 12, Prime Minister Pravind Jugnauth announced a new measure to fight poverty. Indeed, the Ministry of Education and the Ministry of Finance are preparing a "grant-in-aid" system for pre-primary schools, which would also include private schools. The aim would be to make pre-primary free for children aged 3 to 5, so that they can benefit from quality education. This is especially important because kindergarten is not accessible to everyone and it could help poorer households send their children to kindergarten.
Finance Minister's pre-budget consultation
The Minister of Finance held a meeting with unions, SMEs and women entrepreneurs in his office on Monday in preparation for the upcoming Budget. During the meeting, he listened to and noted their various proposals. After the meeting, the Minister held a press conference where he answered journalists' questions on various topics such as the possibility of a decrease in the price of gasoline and the implementation of the measure announced by the Prime Minister for free pre-primary education.
2 out of 5 employees want to change jobs
This week, the Association of Chartered Certified Accountants (ACCA) released the Global Talent Trends Survey 2023, revealing that 36% of accounting/finance professionals in Mauritius intend to change jobs in the next 12 months. The survey questioned more than 8,000 accountants in 148 countries, including Mauritius, about their concerns regarding their career and work environment. The study highlights a talent shortage in the accounting/finance industry as employers seek to retain staff in the face of increased aspirations and scrutiny for job mobility and career development opportunities. Despite this, inflation and job stress remain the top concerns for employers. The study also highlights that accounting is seen as an attractive career because of its choice and flexibility, offering opportunities for mobility between different fields and countries. However, the majority of study participants have returned to full-time office work, and concern about burnout remains a priority.
Better economic prospects for the country
According to SBM Insights' analysis on Monday, the Mauritian economy would have recovered relatively quickly in 2022 after dealing with the impact of the Covid-19 pandemic. Although macroeconomic vulnerabilities remain, this recovery is an encouraging sign, the SBM group said.
Thus, according to the group, economic growth is expected to reach about 5.2% this year. These estimates take into account the statistical effects already reflected in last year's recovery and the strategic initiatives launched by the public and private sectors to maintain the country's productivity and competitiveness levels. However, the growth outlook for 2023 depends on the deteriorating international landscape, with global growth expected to slow significantly this year, according to the International Monetary Fund and the World Bank.
To strengthen the growth recovery, Mauritius will need to address the imperatives of social inclusion, further upgrade public infrastructure to increase competitiveness, and stimulate job creation in various sectors, while addressing labor market imperfections. At the same time, the country will need to further expand and diversify the economic space, including consolidating current efforts to create and develop new pillars, such as the pharmaceutical industry and the green economy, as well as its international financial center. It is also important for the country to consolidate the foundations for sustainable progress by having a climate-resilient, low-carbon, and resource-efficient economy.
