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Growth in Africa Under Peace and Market Reforms

Author

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  • Olessia Korbut
  • Gonzalo Salinas
  • Cheikh A. Gueye

Abstract

Economic stagnation in Sub-Saharan Africa (SSA) has led several economists to question the region’s ability to attain sustained economic growth, some of them arguing for the need to shift away from natural resource - based exports. Yet, we find that low growth has not been common to all SSA countries and that those that achieved political stability and significantly liberalized their economies experienced high growth in income per capita, as high as ASEAN-5 countries. This group of SSA countries attained high growth while maintaining their specialization in natural resource exports. Our analysis also rejects the hypothesis of reverse causality: that good growth performance allowed countries to attain political stability or liberalize their economies.

Suggested Citation

  • Olessia Korbut & Gonzalo Salinas & Cheikh A. Gueye, 2011. "Growth in Africa Under Peace and Market Reforms," IMF Working Papers 11/40, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:11/40
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    References listed on IDEAS

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    1. International Monetary Fund, 2009. "Spillovers From the Rest of the World Into Sub-Saharan African Countries," IMF Working Papers 09/155, International Monetary Fund.
    2. Arbache, Jorge & Go, Delfin S. & Page, John, 2008. "Is Africa's economy at a turning point?," Policy Research Working Paper Series 4519, The World Bank.
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    Cited by:

    1. Montfort Mlachila & Tidiane Kinda, 2011. "The Quest for Higher Growth in the WAEMU Region; The Role of Accelerations and Decelerations," IMF Working Papers 11/174, International Monetary Fund.

    More about this item

    Keywords

    Economic reforms; Economic growth; Natural resources; Structural adjustment; growth; Africa; political stability; exchange rate; economic outlook; current account; international monetary fund;

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