Africa: Adjustment to the Challenges of Globalization

Books, January 11, 1999

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Bibliographic details

• Published: January 11, 1999
• Series: Books
• DOI: https://doi.org/10.5089/9781557758293.071

Summary

• Sub-Saharan Africa needs much faster economic growth and more effective economic, financial, and social policies to make up for lost ground and reduce the number of people living in abject poverty.
• The volume presents proceedings of a May 1998 seminar in Paris, organized jointly by the IMF and the Japanese Ministry of Finance, on ways to accelerate Africa's growth in an increasingly globalized world.
• Participants included senior African and Asian government officials, representatives from multicultural institutions, donors, academics, and private sector participants.
• Seminar objectives discussed:
  • How to improve the private investment environment in African countries.
  • How to take advantage of globalization's benefits while minimizing its risks.
  • How to strengthen the contribution of government in areas of capacity building, good governance, effective public resource management, and improved quality and composition of government spending.

Subject Areas and Keywords

• Subject: Balance of payments; Banking; Commercial banks; Expenditure; Financial institutions; Foreign direct investment; International trade; Labor; Public employment; Trade liberalization; Trade policy
• Keywords: Africa; Asia and Pacific; BOOK; budget issue; Commercial banks; country; East Asia; Foreign direct investment; Global; government; liberalization; output market; private sector participation; private sector view; Public employment; Trade liberalization; trade liberalization measure; Trade policy; trade reform; West Africa

Key Findings and Policy Themes Discussed

• Accelerate economic growth across Sub-Saharan Africa to address persistent poverty.
• Improve the private investment environment to stimulate private sector-led growth.
• Leverage globalization’s benefits while minimizing associated risks.
• Strengthen government roles in:
  • Capacity building.
  • Good governance.
  • Effective public resource management.
  • Improving the quality and composition of government spending.

International Monetary Fund — Africa: Adjustment to the Challenges of Globalization (web landing page).