## Regional Economic Outlook: Sub-Saharan Africa, April 2009 -- Table of Contents

_Sub-Saharan Africa, April 24, 2009_

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## Bibliographic details
- Published: April 24, 2009
- Series: Sub-Saharan Africa

---

### Overview and Context
- The global financial crisis has worsened significantly the economic outlook for sub-Saharan Africa.
- Key channels of impact:
  - Demand for African exports and commodity export prices have fallen.
  - Remittance flows may be weakening.
  - Tighter global credit and investor risk aversion have led to a reversal of portfolio inflows, less favorable conditions for trade finance, and could lower foreign direct investment.
- Consequences:
  - Growth has started to slow markedly.
  - Fiscal and balance of payments pressures are mounting.
  - Risks remain high and the prospects for recovery remain uncertain.
- Financial systems:
  - Have so far been resilient to the global crisis.
  - The economic slowdown is likely to increase credit risk and nonperforming loans and weaken financial institutions’ balance sheets.
- Policy priority:
  - Sub-Saharan African countries should seek to contain the adverse impact of the crisis on economic growth and poverty, while preserving gains including macroeconomic stability and debt sustainability.

### Report Structure and Major Themes
- Preface
- Abbreviations
- Main Messages
- I. The Impact of the Global Financial Crisis on Sub-Saharan Africa
  - How Recent Developments in the World Economy Are Affecting Sub-Saharan Africa
  - Domestic Developments and Policy Responses Thus Far
  - Outlook and Challenges
- II. Sub-Saharan African Financial Systems and the Global Financial Shock
  - Introduction
  - Key Messages
  - The Global Environment and Transmission Channels
  - The Impact of the Crisis on Financial Markets and Institutions
  - Risks and Vulnerabilities
  - Policy Challenges and Issues
  - Statistical Appendix
  - References
- Publications of the IMF African Department, 2005-09

### Boxes (selected)
- 1.1. The Impact of the Global Slowdown in Africa
- 1.2. Fiscal Responses to the Food and Fuel Crisis
- 1.3. The Global Slowdown and Remittances to Africa
- 1.4. The Impact of Falling Inflows on Africa: Simulation Results
- 1.5. The Scope for Fiscal Expansion in Sub-Saharan Africa
- 1.6. The Gleneagles Commitments and the Global Financial Crisis
- 2.1. Financial Systems in Sub-Saharan Africa: One Size Does Not Fit All
- 2.2. Nigeria's Financial System and the Spillovers from the Global Crisis
- 2.3. The Impact of the Global Crisis on Sub-Saharan African Financial Systems: A Closer Look at Emerging and Frontier Markets
- 2.4. South Africa and the Impact of the Global Financial Crisis
- 2.5. The WAEMU's Financial Sector in the Face of Global Crisis
- 2.6. Rapid Credit Growth in Sub-Saharan Africa: Risks and Policy Responses
- 2.7. Lessons for Sub-Saharan Africa on How to Manage a Banking Crisis
- 2.8. Deposit Insurance in Sub-Saharan Africa
- 2.9. The Financial Sector Reform Agenda in Sub-Saharan Africa: What Has Changed with the Crisis?
- 2.10. Pyramid, Ponzi, and Other Fraudulent Financial Schemes

### Tables and Statistical Annexes (selected)
- Sub-Saharan Africa: Selected Indicators, 2005-10
- Sub-Saharan Africa: Quarterly Inflation by Groups of Countries, 2008
- Sub-Saharan Africa: Non-Oil Primary Fiscal Deficits in Oil Exporters, 2003-08
- Sub-Saharan African Countries: Stock Market Capitalization, End-June 2008
- Sub-Saharan Africa: Issuance of International Bonds, 2004-08
- Sub-Saharan Africa: Countries with Concentrated Foreign Banking Assets, 2008
- Sub-Saharan Africa: Financial Soundness Indicators, 2004 and 2007
- 2.A1. Country Goupings
- 2.A2. Sub-Saharan Africa: Claims on BIS Reporting Banks, 2005-2008Q3
- 2.A3. Cross-Border Liabilities to BIS Reporting Banks, 2005-2008Q3
- 2.A4. Regulatory Capital to Risk-Weighted Assets, 2004-08Q3

### Figures and Key Indicators (selected)
- The Global Financial Crisis and Its Impact on Africa
- A Comparison of Growth
- Growth in Sub-Saharan Africa
- Sub-Saharan Africa: Core Inflation in Selected Countries, 2008
- Sub-Saharan Africa: Changes in Monetary Policy
- Sub-Saharan Africa: Real Interest Rates in Selected Countries
- 1.7. Sub-Saharan Africa: Overall Fiscal Balance, Including Grants
- 1.8. Terms of Trade in Sub-Saharan Africa, 2007 and 2008
- 1.9. Sub-Saharan Africa: External Current Account Balance, 2007 and 2008
- 1.10. Sub-Saharan Africa: Changes in International Reserves since September 2008
- 1.11. Sub-Saharan Africa: Real Effective Exchange Rates in Oil Exporters and Oil Importers by Exchange Rate Regime
- 1.12. Sub-Saharan Africa: Current and Previous Forecast for 2009
- 1.13. Sub-Saharan Africa: Economic Outlook, 2009-10
- Sub-Saharan Africa: Growth Prospects
- Sub-Saharan Africa and Comparator Groups: Financial Depth Indicators
- Selected African Countries: Stock Market Index
- Emerging Markets CDS and EMBI Spreads
- Selected African Countries: Exchange Rates
- Total Foreign Assets and Foreign Liabilities of Deposit Money Banks in the African Region, 2005-08
- Sub-Saharan Africa: Net Claims of BIS Reporting Banks, End-September 2008
- Sub-Saharan Africa: Private Credit by Deposit Money Banks
- Sub-Saharan Africa: Bank Credit to the Private Sector and Deposits
- Sub-Saharan Africa: Gross Assets and Liabilities, 2001-06
- Sub-Saharan Africa: Net Direct Investment and Other Assets and Liabilities (net) Positions, as of 2006
- 2.11. Sub-Saharan Africa: Nonperforming Loans, 2004 and 2007
- 2.12. Sub-Saharan Africa: Liquid Assets, 2004 and 2007
- 2.13. Sub-Saharan Africa: Regulatory Capital, 2004 and 2007

### Presentations and Outreach
- Transcript Press Briefing on the Sub-Saharan Africa Regional Economic Outlook, April 24, 2009
- Press Release: IMF Outlook for Sub-Saharan Africa Highlights Impact of Global Financial Crisis
- Manipulate, graph, and download data from this report using IMF Data Mapper®
- Sub-Saharan Africa Typology of Countries
- Other Regional Economic Outlooks
- World Economic Outlook, April 2009
- Presentations:
  - The Impact of the Global Financial Crisis on Sub-Saharan Africa; Regional Economic Outlook
  - Sub-Saharan African Financial Systems and The Global Financial Crisis; Impact, Risks, and Policy Priorities

*Regional Economic Outlook: Sub-Saharan Africa, April 2009 -- Table of Contents*

---

## Content in this bundle

- **The Impact of the Global Financial Crisis on Sub-Saharan Africa — Regional Economic Outlook**
  - [The Impact of the Global Financial Crisis on Sub-Saharan Africa — Regional Economic Outlook (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/country/nga/rr/2009/_051809eapdf.pdf.md){rel="alternate" type="text/markdown"}
  - [The Impact of the Global Financial Crisis on Sub-Saharan Africa — Regional Economic Outlook (PDF)](/-/media/websites/imf/imported-flagship-issues/external/country/nga/rr/2009/_051809eapdf.pdf){rel="external" type="application/pdf"}
- **_051809epdf**
  - [_051809epdf (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/country/nga/rr/2009/_051809epdf.pdf.md){rel="alternate" type="text/markdown"}
  - [_051809epdf (PDF)](/-/media/websites/imf/imported-flagship-issues/external/country/nga/rr/2009/_051809epdf.pdf){rel="external" type="application/pdf"}
- **Regional Economic Outlook: Sub-Saharan Africa, April 2009**
  - [Regional Economic Outlook: Sub-Saharan Africa, April 2009 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2009/afr/eng/_sreo0409pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Regional Economic Outlook: Sub-Saharan Africa, April 2009 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2009/afr/eng/_sreo0409pdf.pdf){rel="external" type="application/pdf"}

---

## References

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- [Transcript](https://www.imf.org/external/np/tr/2009/tr042409b.htm)
- [Press Release:](https://www.imf.org/external/np/sec/pr/2009/pr09141.htm)
- [IMF Data Mapper®](https://www.imf.org/external/datamapper/index.php?db=AFRREO)
- [Typology of Countries](https://www.imf.org/external/datamapper/afrreoreg.htm)
- [Regional Economic Outlooks](https://www.imf.org/external/pubs/ft/reo/reorepts.aspx)
- [World Economic Outlook](https://www.imf.org/external/pubs/ft/weo/2009/01/index.htm)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/publications/reo/ssa/issues/2017/01/07/regional-economic-outlook-sub-saharan-africa9_