Adjustment and Growth in Sub-Saharan Africa
International Monetary Fund, Apr 1, 1999 - Business & Economics - 35 pages
This paper analyzes the factors affecting economic growth in sub-Saharan Africa, using data for 1981–97. The results indicate that per capita real GDP growth is positively influenced by economic policies that raise the ratio of private investment to GDP, promote human capital development, lower the ratio of the budget deficit to GDP, safeguard external competitiveness, and stimulate export volume growth. The favorable evolution of these variables played an important role in the region’s apparent postreform recovery of 1995–97. The paper also discusses a policy framework to promote sustainable economic growth and reduce poverty in sub-Saharan Africa
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20 percent BDYE Benin bold and enclosed Burkina Faso Burundi capita growth capita real GDP Capital Formation CFA franc Comoros conﬂict Countries that improved Cumulative Cumulative Cumulative Cumulative Cumulative Frequency Cumulative Frequency Cumulative Frequency percentage deviation of inﬂation dummy variable economic growth effective exchange rate enclosed in brackets Ethiopia explanatory variables export volume growth ﬁnding frequency distribution Frequency percentage Frequency Gambia Ghura and Hadjimichael government investment growth equation growth performance Hadjimichael 1996 highlighted in bold human capital human capital development impact implemented improved their average increase INFL INFSD Lesotho macroeconomic macroeconomic policies Malawi Mali Mozambique Namibia number of countries percent 20 percent Cumulative Cumulative percentage Frequency percentage percentage of countries policy-related variables political rights private investment rate of inﬂation real effective exchange Real GDP Growth regression RERG Rwanda sample period signiﬁcantly Speciﬁcally standard deviation statistically signiﬁcant structural reforms sub-Saharan Africa sub-Saharan African countries sustained adjusters Table Tanzania Uganda WBTA Zimbabwe