IMF-释放私营部门创造就业机会_莱索托的挑战和机遇（英）-2025.10_19页_993kb

Summary of "Unleashing Private Sector Job Creation: Challenges and Opportunities for Lesotho"

Core Content

This document outlines the challenges and opportunities for job creation in Lesotho through the development of the private sector. It emphasizes the need for structural and institutional reforms to enhance private sector growth and employment generation, which has been historically driven by the public sector and has not translated into improved living standards.

Main Challenges

1. Overreliance on Public Sector

• Lesotho's public sector dominates the economy, with 17% of GDP allocated to public sector wages.
• The private sector is small, undiversified, and constrained by various factors.
• Public sector-led growth has not led to significant employment or productivity gains.

2. Structural Barriers to Job Creation

• Concentration in low-value-added sectors: The economy is heavily reliant on a few sectors like textiles, diamonds, wool, and limited manufacturing.
• Weak structural transformation: There is minimal movement of workers and economic activities from low to high value-added sectors.
• Low job intensity in growth sectors: High-value-added industries such as mining and clean energy are capital-intensive and not labor-intensive, limiting employment generation.

3. Firm-Level Barriers

• Access to finance: Only 17% of MSMEs have formal bank accounts, and 10% receive credit from formal institutions.
• Informal competition: A large portion of the private sector operates informally, with 82% of firms being unregistered.
• Corruption and weak governance: Lesotho scores 37/100 on the Corruption Perceptions Index (2024), with many firms reporting corruption as a major barrier.
• Inadequate infrastructure: Limited electricity access and poor rural infrastructure hinder business operations and growth.
• Weak business environment: It takes 15 days to obtain an operating license, 73 days for an import license, and 78 days for a construction permit—well above SACU averages.
• Inefficient government tendering: Payment delays and lack of competition in tendering processes affect firm growth and job creation.

4. Labor Market Challenges

• High unemployment (16% in 2024) and informality (80% of workers are informally employed).
• Skills mismatch: There is a misalignment between available skills and labor market demands, especially for women and youths.
• Limited domestic job creation: Job creation is not as strong as in other regions, even with growth.

Key Opportunities

1. Diversification into High-Potential Sectors

• Modern services: Tourism and financial services show potential for job creation.
• High-value agriculture and agro-processing: Lesotho has potential in horticulture, herbal products, and natural cosmetics.
• Renewable energy: The country has untapped potential in electricity generation, which could support both domestic and export growth.

2. Improving the Business Environment

• Streamlining tax and licensing systems, enhancing digital tools, and reducing bureaucratic hurdles.
• Improving transparency and reducing corruption to create a more attractive environment for investment.

3. Enhancing Financial Access

• Expanding access to formal financial services for MSMEs, including credit and savings options.
• Developing a robust credit infrastructure and collateral registries to support lending.

4. Formalization of the Informal Sector

• Providing incentives for informal firms to formalize, such as free registration and clear benefits.
• Strengthening enforcement mechanisms and improving access to finance and social protections for formalized businesses.

Policy Recommendations

1. Macro-Fiscal Reform

• Implementing reforms to boost growth by 1.5 percentage points, which could lead to 4,800–14,000 jobs per year depending on the job intensity of growth.

2. Sectoral Diversification

• Encouraging the development of more central and connected product clusters in the economy.
• Supporting industries with potential for job creation, such as agro-processing, tourism, and renewable energy.

3. Business Environment Improvements

• Reducing the time and cost for obtaining licenses and permits.
• Enhancing infrastructure, including electricity and transport, to support business operations.

4. Financial Sector Reform

• Expanding access to credit for MSMEs through improved financial inclusion and digital financial services.
• Developing a comprehensive credit bureau and collateral registry to support lending and risk assessment.

5. Labor Market Reforms

• Addressing skills mismatches through better education and training programs.
• Supporting women and youth in accessing the labor market and developing relevant skills.

Conclusion

Lesotho's private sector is a critical driver for job creation and economic growth. However, it is constrained by structural, institutional, and financial barriers. A coordinated, multi-year reform agenda is necessary to unlock the potential of the private sector and create a more job-intensive, resilient, and inclusive economy. The focus should be on improving the business environment, enhancing financial access, promoting formalization, and supporting the development of more diverse and productive industries.