Adjustment in Africa: Reforms, Results, and the Road Ahead
World Bank Publications, 1994 - History - 284 pages
This, the second title in the World Bank Policy Research Reports (the first was the headline-making The East Asian Miracle), discusses the economic situation in Africa as it has evolved over the past several decades. To reverse the economic decline that began in the 1970s, many sub-Saharan African countries have undertaken efforts to restructure their economies. This has included liberalizing trade, deregulating markets and prices, privatizing public enterprises, and strengthening management of the financial and public sectors. Implementation has been uneven in different countries, and even those countries that have attempted major reforms have not achieved policies that are considered sound by international standards. A key finding is that improving policies paid off in higher GDR and sectoral growth rates, which are vital to reducing poverty; but in countries where policies deteriorated economic performance worsened. The report also shows that, despite the importance of reforming economic policies, countries need to invest more in human capital and infrastructure, expand their institutional capacity, and develop better governance.
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adjusting countries adjustment programs African countries appendix table Benin Burkina Faso Burundi Cameroon capita growth Central African Republic Chad competition Congo controls Cote d'lvoire Countries with fixed Countries with flexible debt decline devaluation domestic economic exchange rate countries expenditure export crop external transfers fertilizer fiscal fixed exchange rates flexible exchange rates foreign exchange Gabon GDP per capita Ghana Guinea Guinea-Bissau imports improvement incentives income increase inflation infrastructure investment Kenya liberalization macroeconomic macroeconomic policies Madagascar Malawi Mali marketing boards Mauritania median ment Mozambique Niger Nigeria overall overvalued parallel market parastatals percent of GDP percentage points policy reforms policy stance poor premium private sector producer prices production public enterprises public sector real effective exchange real exchange rate reduced restructuring revenue Rwanda seigniorage Senegal Sierra Leone spending Sub-Saharan Africa subsidies Tanzania tariff taxation terms of trade tion Togo Uganda World Bank Zambia Zimbabwe
Page xviii - Dominica, Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, St.
Page 163 - Japan, the four tigers (Hong Kong, the Republic of Korea, Singapore and Taiwan, China) and three newly industrializing economies from ASEAN (Indonesia, Malaysia and Thailand).
Page 7 - The poor are mostly rural [sic], and as producers, they tend to benefit from agricultural, trade and exchange rate reforms and from the demonopolization of important commercial activities. As consumers, both the urban and the rural poor tend to be hurt by rising food prices. But adjustment measures have seldom had a major impact...
Page 20 - The main factors behind the stagnation and decline were poor policies — both macroeconomic and sectoral — emanating from a development paradigm that gave the state a prominent role in production and in regulating economic activity.
Page 7 - ... of important commercial activities. As consumers, both the urban and the rural poor tend to be hurt by rising food prices. But adjustment measures have seldom had a major impact on food prices in either the open market or the parallel market, which supplies most of the poor.
Page 1 - In the African countries that have undertaken and sustained major policy reforms, adjustment is working', is defensible, but it is clear from the evidence just presented that it would be quite wrong (but temptingly easy)9 to infer from this that adjustment programmes are working. Whatever is working does not appear to bear much systematic relationship to adjustment lending. This conclusion is supported...
Page xvii - ... middle-income African countries, the post-apartheid transition it is undergoing is of a different nature and the time it has spent in this new phase is too short to evaluate the trends in financial flows and macroeconomic variables. The final sample included Benin, Botswana, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Congo, Cote d'lvoire, Gabon, The Gambia, Ghana, Guinea, Kenya, Lesotho, Madagascar, Malawi, Mali, Mauritania, Mauritius, Mozambique, Niger, Nigeria, Senegal,...
Page 3 - African countries have made great strides in improving policies and restoring growth