A Policy Analysis of Pillar Two of the PAPD:
Economy and Jobs Juxtaposed with East Asian Economic Panacea
By Wilfred J.S. Bangura
enforcement of policies in the past must now be consigned to the past. There is a need for a robust policy regime to achieve the desired outcome of the PAPD.
The policy tools in this development document include formulating regulations, macroeconomic policies, fiscal policies, monetary policies that provide the incentives for investments, and standards instituted to execute this policy smoothly.
The actors, resources, and institutions involved in the policy’s implementation will be responsible for implementing the project. In the policy under review, the government of Liberia, through the relevant Line Ministries and Agencies such as the MFDP, MoCI, CBL, MoA, LRA, the Office of the President, etc., are responsible parties to oversee the execution of the PAPD Pillar 2. The policy is designed to be implemented using a top-down approach. This approach means the procedure starts from the bigger picture and narrows to the minor details.
The eight countries in East Asia deployed similar measures and succeeded. The governments in these countries were never laissez-faire about what they wanted to do with their economies. The principles they used are not dissimilar to those articulated in the PADP. What is needed then are effective regulations and an improved policy environment.
This paper examines how eight countries in East Asia (Japan, South Korea, Hong Kong, Taiwan, China, Singapore, Indonesia, and Thailand) attained rapid and sustained economic recovery and development since 1965. The findings from the East Asian Miracle, as the World Bank has dubbed them, will be used in juxtaposition with the Liberian solution, which is enunciated in the Agenda for Prosperity and Development (PADP) to see if any inspirations might be gleaned. I am nonetheless mindful that each country must adapt its policy prescriptions if it is meant to be effective. Being guided by this advice, however, I am yet concerned about the common threads.
In the wake of the current economic quagmire in Liberia, which is attributable to myriads of factors of both national and international underpinnings, it is paramount to examine the government’s national development plan. An analysis of the Agenda for Prosperity and Development (PAPD) will deepen our understanding of the roadmap to Liberia’s economic recovery, a feat every Liberian aspires for.
Although the entire PAPD document articulates the development agenda of Liberia, Pillar Two deals with a key sector: Economy and Jobs.
The eight East Asian countries whose economic and development success story forms the basis for this paper were at some period before 1965 found in conditions similar or even worse to our own. But how did they leap forward so quickly to better the lives of their people?
According to the World Bank (World Bank, 1993), the East Asian countries’ success was primarily based on the two-track approach to development policy: macroeconomic stability on the one hand and human capital development on the other. In other words, they undertook the most significant accumulations of both physical capital and human capital.
Pillar Two of the national development plan of Liberia talks about “Economy and Jobs.” While analyzing both the East Asian Miracle and the PADP, we must examine them, considering the similarities or differences in each of the documents. The goal of Pillar Two of the PAPD is to provide jobs through investment in the private sector. This strategy will considerably minimize the problem of poor economic recovery or economic growth and underdevelopment.
About the Author:
- Wilfred JS Bangura, II, BA, MPA is a highly skilled multitalented professional with extensive hands- on experience in Public Sector Administration and Business Management & Administration, Public Policy Advisory and Formulation, Speechwriting, Comprehensive Report Writing, Research and Analysis, Grants & Proposal Writing, Project Management, Strategic Plan Development and Implementation, Customer Service Management, Brand Marketing and Communications Campaigns, and Community Service.
- Young, disciplined self-starter that is highly technical with meticulous attention to details; capable of ensuring smooth departmental workflow without immediate supervision
- Proven Leadership skill-set and self-motivated; independently able to set practical priorities to achieve immediate and long-term goals and punctually meet organizational deliverables
- Qualified with expertise in managing & implementing projects in the developing world, crisis/conflict regions, and countries in transition across the ECOWAS (Economic Community of West African States) and highly productive in multicultural work environments
The model adopted to achieve the objectives of economic growth and development policy in Pillar II of the PAPD can be enumerated as follows: building good infrastructure; improving the business climate; investment in the private sector; increase social investment; investment in quality education; investment in healthcare; investment in SMEs; robust fiscal and monetary reforms; investment in agriculture and fisheries; investment in human capital development, etc.
To achieve the objectives laid down in the PADP document, the government of Liberia must strengthen its laws and the policy environment. The way the government spends and the weak