Competitiveness in the CFA Franc Zone

IMF Working Papers, August 1, 2007

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Competitiveness in the CFA Franc Zone

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Bibliographic details

• Authors: Charalambos G Tsangarides, Gustavo Ramirez
• Published: August 1, 2007
• Series: IMF Working Papers
• DOI: https://doi.org/10.5089/9781451867763.001

Summary / Purpose

• This paper reviews the evolution of competitiveness in the CFA franc zone using a proposed comprehensive competitiveness framework.
• The analysis focuses on competitiveness in the WAEMU and CEMAC regions by examining the "environment" and "policy" components of competitiveness and their quantifiable determinants.
• Determinants analyzed include indicators to measure productivity and labor market conditions, prices and costs, macroeconomic performance, business environment, governance, and technology and infrastructure.

Key findings

• Despite some recent improvements—particularly for the CEMAC—both regions face serious competitiveness challenges when compared to pier groups of countries.
• 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,
  • create the right business, legal, and political environment to attract economic activity.

Thematic components analyzed

• Productivity and labor market conditions
• Prices and costs
• Macroeconomic performance
• Business environment
• Governance
• Technology and infrastructure

Subject and keywords

• Subject: Competition, Exchange rates, Exports, Real effective exchange rates, Real exchange rates
• Keywords: CEMAC, cost, exchange rate, WAEMU, WP

Content in this bundle

• WAEMU and CEMAC: Real Effective Exchange Rate and Components
  • WAEMU and CEMAC: Real Effective Exchange Rate and Components (Markdown version)
  • WAEMU and CEMAC: Real Effective Exchange Rate and Components (PDF)