Competitiveness in the CFA franc zone, Issues 2007-2212
International Monetary Fund, 2007 - Business & Economics - 40 pages
This paper reviews the evolution of competitiveness in the CFA franc zone using a proposed comprehensive competitiveness framework. In particular, we examine competitiveness in the WAEMU and CEMAC regions by analyzing the "environment" and "policy" components of competitiveness and their quantifiable determinants, including indicators to measure productivity and labor market conditions, prices and costs, macroeconomic performance, business environment, governance, and technology and infrastructure. Our findings suggest that despite some recent improvements-particularly for the CEMAC-both regions face serious competitiveness challenges when compared to pier groups of countries. In order to become more competitive, raise growth, and improve the quality of life, there is a need for structural reform to improve productivity, reduce factor costs, and create the right business, legal, and political environment to attract economic activity.
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Environment and Conditions
CPIBased vs Labor CostBased REER
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America Sub-Saharan Africa appreciation Asia East Asia Asia Latin America Benin Bissau Burkina Faso business environment CEMAC and WAEMU CEMAC countries CEMAC WAEMU Sub-Saharan CFA franc zone CFAF Competitiveness Report Congo control of corruption Cote d'lvoire countries rank CPI-based REER East Asia Latin Economic Outlook database effective exchange rate emerging Asia Equatorial Guinea GDP deflator Global Competitiveness Report government effectiveness Guinea-Bissau higher improved income per capita infrastructure IRER labor costs Latin America Sub-Saharan Latin Asia LMI countries lndex lndicators lnvestor Mali market shares measures median developing country nominal wage OECD South Asia percent of GDP percentile political stability Procedures number productivity profitability of exports proxy real effective exchange real exchange rate regulatory quality Senegal South Asia East Starting a Business Sub-Saharan Africa WAEMU Togo URREER voice and accountability WAEMU and CEMAC WAEMU countries WAEMU Sub-Saharan Africa wage index World Bank World Economic Outlook