Adjustment and Growth in Sub-Saharan Africa

ByDhaneshwar Ghura, Anupam Basu, Anthony E Calamitsis

April 1, 1999

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper analyzes the factors affecting economic growth in sub-Saharan Africa, using data for 1981–97. The results indicate that per capita real GDP growth is positively influenced by economic policies that raise the ratio of private investment to GDP, promote human capital development, lower the ratio of the budget deficit to GDP, safeguard external competitiveness, and stimulate export volume growth. The favorable evolution of these variables played an important role in the region’s apparent postreform recovery of 1995–97. The paper also discusses a policy framework to promote sustainable economic growth and reduce poverty in sub-Saharan Africa

Subject: Export performance, Foreign exchange, Human capital, Inflation, International trade, Labor, National accounts, Prices, Private investment, Real effective exchange rates

Keywords: a number of country, country, Export performance, GDP, growth performance, Human capital, Inflation, inflation rate, Private investment, rate of inflation, ratio, Real effective exchange rates, structural adjustment, Sub-Saharan Africa, very-weak-growth country, WP

Pages:
35
Volume:
1999
DOI:
https://doi.org/10.5089/9781451847093.001
Issue:
051
Series:
Working Paper No. 1999/051
Stock No:
WPIEA0511999
ISBN:
9781451847093
ISSN:
1018-5941

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