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Adjustment and Growth in Sub-Saharan Africa

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  • Dhaneshwar Ghura
  • Anupam Basu
  • Evangelos A. Calamitsis
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    Abstract

    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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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/51.

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    Length: 35
    Date of creation: 01 Apr 1999
    Date of revision:
    Handle: RePEc:imf:imfwpa:99/51

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    Related research

    Keywords: Economic growth; Adjustment policy; growth rates; inflation; real gdp; inflation rates; capital formation; gdp growth; gross fixed capital formation; fixed capital formation; growth rate; terms of trade; average inflation; gdp growth rates; effective exchange rates; rate of inflation; sustainable economic growth; monetary economics; growth model; economic growth rates; rates of inflation; inflation rate; macroeconomic stability; variable inflation; monetary policy; distribution of inflation; relative prices; low inflation; effect of inflation; average inflation rate; inflationary pressures; annual inflation rate; higher rates of inflation; rational expectations; neoclassical growth model; lower rates of inflation; gdp growth rate; per capita incomes; price inflation; annual inflation;

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    Cited by:
    1. Elbadawi, Ibrahim A. & Kaltani, Linda & Soto, Raimundo, 2012. "Aid, Real Exchange Rate Misalignment, and Economic Growth in Sub-Saharan Africa," World Development, Elsevier, Elsevier, vol. 40(4), pages 681-700.
    2. Guillaume, Dominique M. & Stasavage, David, 2000. "Improving Policy Credibility: Is There a Case for African Monetary Unions?," World Development, Elsevier, Elsevier, vol. 28(8), pages 1391-1407, August.
    3. Saleh M. Nsouli & Françoise Le Gall, 2001. "The New International Financial Architecture and Africa," IMF Working Papers, International Monetary Fund 01/130, International Monetary Fund.
    4. Paul Cashin & Catherine Pattillo, 2006. "African terms of trade and the commodity terms of trade: close cousins or distant relatives?," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 38(8), pages 845-859.
    5. Devarajan, Shantayanan & Easterley, William R. & Pack, Howard, 2001. "Is investment in Africa too low or too high : macro and micro evidence," Policy Research Working Paper Series 2519, The World Bank.
    6. Gemmell, Norman, 2001. "Fiscal Policy in a Growth Framework," Working Paper Series, World Institute for Development Economic Research (UNU-WIDER) UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
    7. Szirmai, Adam & Yamfwa, Francis & Lwamba, Chibwe, 2002. "Zambian manufacturing performance in comparative perspective," GGDC Research Memorandum, Groningen Growth and Development Centre, University of Groningen 200253, Groningen Growth and Development Centre, University of Groningen.
    8. Issouf Samaké, 2008. "Investment and Growth Dynamics," IMF Working Papers, International Monetary Fund 08/120, International Monetary Fund.
    9. Matthias Cinyabuguma & Bernardin Akitoby, 2004. "Sources of Growth in the Democratic Republic of the Congo," IMF Working Papers, International Monetary Fund 04/114, International Monetary Fund.
    10. Sanjeev Gupta & Catherine A. Pattillo & Kevin Joseph Carey, 2005. "Sustaining Growth Accelerations and Pro-Poor Growth in Africa," IMF Working Papers, International Monetary Fund 05/195, International Monetary Fund.

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