The Southern African Development Community's Macroeconomic Convergence Program: Initial Performance

June 15, 2009

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Robert M Burgess. The Southern African Development Community's Macroeconomic Convergence Program: Initial Performance, (USA: International Monetary Fund, 2009) accessed September 19, 2024

Summary

This paper discusses initial performance of the Southern African Development Community’s (SADC) Macroeconomic Convergence Program. The SADC’s regional economic integration agenda includes a macroeconomic convergence program, intended to achieve and maintain macroeconomic stability in the region, thereby contributing to faster economic growth and laying the basis for eventual monetary union. As macroeconomic performance in the SADC region has improved in recent years, most countries are making progress toward, and in many cases exceeding, the convergence criteria. Most SADC member states have recorded solid macroeconomic performance in recent years, in general coming close too, and in many cases surpassing, the convergence targets specified for 2008. A notable exception in this regard is Zimbabwe, which was in the grip of hyperinflation. The macroeconomic targets for later years are ambitious and, in some cases, warrant further evaluation, given that achieving the targets may be neither necessary nor enough to achieve good macroeconomic results.

Subject: Balance of payments, Current account deficits, Customs unions, Fiscal policy, Fiscal stance, Inflation, International trade, Prices, Public debt

Keywords: Africa, Country, Current account deficits, Customs unions, Fiscal stance, GDP, Inflation, Intra-SADC trade flow, SADC arrangement, SADC country, SADC free trade area, SADC member states, SADC membership, SADC secretariat, SADC target, Southern Africa, SPN, Sub-Saharan Africa

Publication Details

Pages:

29
Volume:

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DOI:

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Issue:

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Series:

Staff Position Note No. 2009/014
Stock No:

SPNEA2009014
ISBN:

9781462321278
ISSN:

2617-6742

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