Trade stands out as the main direct channel, even though intra-Africa remittances play a relevant role, given that most migrants in Sub-Saharan Africa cannot afford the cost of migrating to Europe or to the United States and stay close, remaining in the continent. Real Effective Exchange Rates in Sub-Saharan African Countries with a Floating Regime 1. Aid to Sub-Saharan Africa: Where Do We Stand on Gleneagles? Series: Regional Economic Outlook Author s : International Monetary Fund. The Local Currency Debt Market in the West African Economic and Monetary Union 2. The economic expansion is strongest in oil exporters but cuts across all country groups.
Third, the possible adverse impact of aid inflows on external competitiveness can be mitigated by frontloading productivity-enhancing expenditures. The economic expansion is strongest in oil exporters but cuts across all country groups. Growth Prospects in Sub-Saharan Africa 2. Growth in the region is projected to dip to 6 percent in 2008 and 2009. Recent analytic chapters have examined climate change, the housing cycle, commodity prices, capital inflows, globalization and inequality, and the global business cycle. The economic expansion is strongest in oil exporters but cuts across all country groups. Foreign exchange market pressures appear to have abated, but international reserves remain low in many countries.
Growth in sub-Saharan Africa should reach 6 percent in 2007 and 6¾ percent in 2008. In recent years, sub-Saharan Africa has been experiencing its strongest growth and lowest inflation in over 30 years. Having successfully stabilized their economies, many sub-Saharan African countries have been increasingly reorienting fiscal policies toward promoting economic growth and poverty reduction. Terms of Trade and Current Growth Episodes in Sub-Saharan Africa 1. Contents Preface Abbreviations Executive Summary I. Uganda: Government Expenditure and Revenue Boxes 1. Inflation excluding Zimbabwe should average 7½ percent in 2007—with inflation in 32 out of 44 countries in single digits—and fall to 6¾ percent in 2008.
Challenges; 4 How the Crisis is Affecting Africa: Internat. As a result, investment has increased, economic growth has strengthened, and income volatility has fallen. This paper analyses the channels through which the economic and financial crisis of 2008—2009 was transmitted to Sub-Saharan Africa, with a focus on countries in situation of fragility. The region's prospects look strong. Real Effective Exchange Rates in Sub-Saharan Africa 1.
External Debt in Sub-Saharan Africa 1. The report also takes an in-depth look at informal economies in Africa and policy priorities in managing both challenges and opportunities. Low-Income Sub-Saharan African Countries: Government Financing of Fiscal Deficits 1. In 2009, inflation should ease to 10 percent, helped by recent commodity price declines. Uganda: Net Donor Inflows 2. Ghana: Total Official External Financing, 2005—09 2.
There are significant risks to the outlook related to a potentially deeper and longer period of global financial turmoil and resulting slowdown in global activity, and substantial uncertainty concerning commodity prices. Can the growth momentum be sustained? Exchange rates have generally been allowed to adjust. Inflation in Sub-Saharan Africa 1. These experiences suggest some lessons that are salient for other sub-Saharan African countries. Also, and reassuringly, with stronger initial fiscal and external positions than in past downturns, most countries in the region have been able to partially absorb external shocks by allowing fiscal deficits to rise and reducing interest rates. Food-insecure people are defined as those consuming less than the nutritional target of 2,100 calories per day per person. Growth in sub-Saharan Africa should reach 6 percent in 2007 and 6 percent in 2008.
In the past, because of weak institutions and volatile terms of trade and other shocks, growth episodes in sub-Saharan Africa have generally been shorter than in other regions and often ended with a dramatic collapse in output. What are the factors that might undermine sustained growth, and how best can African governments and international partners mitigate those downside risks? Foreign Exchange Reserve Adequacy in Africa 1. The economic expansion is strongest in oil exporters but cuts across all country groups. Depending on resource endowments and other factors, some sub-Saharan African countries may follow the Asian structural transformation path through low-wage manufacturing. The Poverty and Social Impact of Increasing Fiscal Space Through Revenue Collection 2.
Central Government Balance in Sub-Saharan Africa 1. Africa continues to experience great opportunities for growth while also facing several great challenges. The region's prospects look strong. For the resource-intensive countries hit hard by the commodity price collapse, fiscal consolidation is urgent to offset likely permanent revenue losses. For other countries, especially those still growing fast, there may be less urgency for fiscal consolidation, but many have seen buffers eroded, and public debt and borrowing costs are on the rise. Chapter 3 - Economic Diversification in Sub-Saharan Africa Sub-Saharan Africa has made great strides over the past two decades, with high growth rates and significant progress on social indicators, driven by improvements in policy frameworks but also favorable commodity prices and financing conditions. Growth is expected to pick up from 1.