{
  "title": "The Prospects for Sustained Growth in Africa: Benchmarking the Constraints",
  "publication": "IMF Working Papers, March 1, 2007",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/the-prospects-for-sustained-growth-in-africa-benchmarking-the-constraints-20470",
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  "summary": "A dozen countries had weak institutions in 1960 and yet sustained high rates of growth subsequently. We use data on their characteristics early in the growth process to create benchmarks with which to evaluate potential constraints on sustained growth for sub-Saharan Africa.",
  "sections": [
    {
      "heading": "Summary of core findings",
      "content": "- A dozen countries had weak institutions in 1960 and yet sustained high rates of growth subsequently; these countries are used to create benchmarks to evaluate potential constraints on sustained growth for sub-Saharan Africa.\n- What are usually regarded as first-order problems—broad institutions, macroeconomic stability, trade openness, education, and inequality—may not now be binding constraints in Africa.\n- The extent of ill-health, internal conflict, and societal fractionalization do stand out as problems in contemporary Africa.\n- A key question is the extent to which Africa can rely on manufactured exports as a mode of \"escape from underdevelopment,\" a strategy successfully deployed by almost all the benchmark countries.\n- The benchmarking comparison raises two specific concerns for a development strategy based on expanding exports of manufactures:\n  - Micro-level institutions that affect the costs of exporting.\n  - The level of the real exchange rate—especially the need to avoid overvaluation."
    },
    {
      "heading": "Policy implications and issues for strategy",
      "content": "- Reassess conventional priorities: policies focused solely on improving broad institutions, macro stability, trade openness, education, and inequality may not address the most binding constraints today.\n- Health and conflict mitigation: prioritize interventions to reduce ill-health and internal conflict and to manage societal fractionalization, given their prominence as contemporary problems.\n- Export-led manufacturing strategy:\n  - Address micro-level institutional barriers that raise the costs of exporting (regulation, customs, logistics, firm-level frictions).\n  - Manage real exchange rate policy carefully to avoid overvaluation that would undermine manufactured exports."
    },
    {
      "heading": "Key statistics and publication identifiers",
      "content": "- Pages: 57\n- Publication date: March 1, 2007\n- Volume: 2007\n- Issue: 052\n- Series: Working Paper No. 2007/052\n- DOI: https://doi.org/10.5089/9781451866162.001\n- Stock No: WPIEA2007052\n- ISBN: 9781451866162\n- ISSN: 1018-5941\n\nAuthored by Arvind Subramanian, Jonathan David Ostry, Simon Johnson.\n\n---\n\n Content in this bundle\n\n- wp0752\n  - wp0752 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp0752 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/the-prospects-for-sustained-growth-in-africa-benchmarking-the-constraints-20470"
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    "Authors: Arvind Subramanian, Jonathan David Ostry, Simon Johnson",
    "Published: March 1, 2007",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451866162.001",
    "A dozen countries had weak institutions in 1960 and yet sustained high rates of growth subsequently; these countries are used to create benchmarks to evaluate potential constraints on sustained growth for sub-Saharan Africa.",
    "What are usually regarded as first-order problems—broad institutions, macroeconomic stability, trade openness, education, and inequality—may not now be binding constraints in Africa.",
    "The extent of ill-health, internal conflict, and societal fractionalization do stand out as problems in contemporary Africa.",
    "A key question is the extent to which Africa can rely on manufactured exports as a mode of \"escape from underdevelopment,\" a strategy successfully deployed by almost all the benchmark countries.",
    "The benchmarking comparison raises two specific concerns for a development strategy based on expanding exports of manufactures:",
    "Reassess conventional priorities: policies focused solely on improving broad institutions, macro stability, trade openness, education, and inequality may not address the most binding constraints today.",
    "Health and conflict mitigation: prioritize interventions to reduce ill-health and internal conflict and to manage societal fractionalization, given their prominence as contemporary problems.",
    "Export-led manufacturing strategy:",
    "Pages: 57",
    "Publication date: March 1, 2007",
    "Volume: 2007",
    "Issue: 052",
    "Series: Working Paper No. 2007/052",
    "DOI: https://doi.org/10.5089/9781451866162.001",
    "Stock No: WPIEA2007052",
    "ISBN: 9781451866162",
    "ISSN: 1018-5941",
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