Economic Policy and Strategy

Helping governments develop positive responses to global economic change.

Raising Standards in Economic Management

As the world’s economies increasingly globalise, governments have been presented with significant growth and development opportunities, but globalisation has also brought significant challenges if they are to keep pace with international trends and developments.

  • The internationalisation of supply chains has created pressure on governments to protect domestic employment opportunities and create new jobs for its citizens.
  • Increasing competition for private investment, especially Foreign Direct Investment (FDI) with its associated technology transfer, has stimulated governments to create business environments that are simple, transparent and business friendly.
  • With new players entering the international arena, the rapid pace of technological change and the increasing exposure to new cultures and political mores, governments must ensure that their country’s comparative and competitive advantages are kept aligned with the needs of world markets.
  • With greater competition on world markets, exporters need to be competitive, so governments need to ensure that their policy environments do not disadvantage their domestic export sector.

For over half a century, Maxwell Stamp has worked with governments and regional groupings to design and implement strategies to meet these and other challenges and ensure that the policy environment incentivises the productive and service sectors to act in accordance with government objectives and aspirations.

Economic Strategy

We have helped governments across the Middle East, Africa, Asia and the Americas to crystallise their national visions and aspirations and translate these into national and sectorial strategies to ensure the international competitiveness of their business sectors and the betterment of the lives of their citizens.

We have for example helped prepare:

  • National and regional strategies for Saudi Arabia, Zambia, and Africa;
  • Industrial strategies for Abu Dhabi, Saudi Arabia, Kuwait, Sri Lanka, Nepal, Philippines, Cameroon Nigeria and Malawi;
  • Privatisation strategies for Tanzania, Egypt and Poland;
  • Tourism strategies for Kenya, Belize Seychelles, Maldives, St Kitts and The Marshal Islands;
  • Agricultural strategies for Trinidad and Tobago and Kenya;
  • Transport strategies for East and Central Africa, United Kingdom, and the Indian Ocean states;
  • Health strategies for Bangladesh, Bosnia and Herzegovina, Russia, Kazakhstan and Bolivia;
  • Education strategies for Malawi, Abu Dhabi and the Maldives.

We recognise that successful economic strategies cannot be developed in isolation. They are influenced by developments in other sectors, cultural and political considerations, international relations and the dictates of the global economy. They need to be flexible enough to adapt and need to anticipate and be ready to engage with the future.

While we cannot predict the future, we seek to objectively measure key strategic drivers such as a country’s comparative advantages, its sectorial clustering potential and its alignment of policy with national goals.

By incorporating big data techniques, we also map out patterns and structures to provide insights into how the world is changing and the opportunities and conditions for nations and sectors to successfully participate.

Ensuring Efficient Economic Policy

Strategies alone are not sufficient; they need to be implemented. This typically requires governments to ensure that the policy environment governing domestic economic behaviour is in line with its strategic goals. Achieving these goals requires coordinated policy action across many sectors and disciplines, taking into account their indirect as well as their direct effects.

A strength of Maxwell Stamp is that we have worked across all economic policy disciplines:

  • Labour and employment
  • Competition and anti-monopoly
  • Industrial and trade
  • Fiscal policy: taxation, subsidies user charges
  • Housing
  • Regional
  • Commercial
  • Environmental
  • Financial sector

Policy environments combine all or most of the above and typically evolve over many years, if not centuries; they are not planned. They become excessively complex and opaque, making it difficult to discern how they impact on the structure of incentives and on the allocation of resources.

We have the tools, skills and experience to measure and assess the impacts of policy, both individually and in combination, and to identify how they impact on different economic sectors.

Creating Conducive Business and Investment Environments

With international emphasis on making the business environments user-friendly, we have helped many countries and governments to disentangle their policy matrices to create more transparent, simple and automatic policy environments that ensure business behaviour is consistent with national and sectorial objectives. The aim is always to make policy more efficient and less distortionary, yet deliver national goals.

Reducing Uncertainty and Resistance in Policy Implementation

Policy change is a formidable task which needs to overcome valid concerns, uncertainties, reservations and resistance of policy makers and all sections of the community. Using our proprietary software and drawing on our near 60 years of experience, we achieve both. We:

  • simulate and fine-tune the impacts of polices prior to implementation;
  • identify winners and losers resulting from policy changes and devise compensatory mechanisms;
  • phase policy changes over time to allow time for adjustment;
  • remove the burdensome costs of red tape by simplifying and streamlining policy processes;
  • benchmark and rank policies against international best practices;
  • benchmark legal systems and their ability to effectively implement policy;
  • improve the efficiency and capacity of policy management authorities.

We have helped over 60 countries rationalise and simplify their economic policy/business environments and strengthen their policy management. For example, we:

  • created efficient and attractive business and investment environments in Sri Lanka, Kazakhstan, Kyrgyzstan, Cote d’Ivoire, Nigeria. Swaziland and Zanzibar;
  • oriented policy to achieve national goals in Saudi Arabia, UAE, Barbados, Trinidad Nigeria and Kuwait;
  • removed anti-export bias for Mauritius, Barbados, Trinidad, Kenya, Burundi and Tanzania;
  • established and modernised economic zones in Mauritius Subic Bay, Namibia, Malawi, Kenya and UAE;
  • helped remove subsidies in Morocco, Kuwait, Kenya, Burundi, Madagascar, Nepal, Bhutan and Philippines;
  • supported export and investment promotion in Portugal, Mexico, Bulgaria, Peru, Jamaica, Mauritius Zimbabwe, Cyprus and Uganda;
  • restructured and modernised Customs and Tax Authorities in the UAE Uganda, Tanzania, Vietnam, Lebanon, Indonesia, India, Lebanon and Sudan.