The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Pierre Dhonte, Jean Clément, Mbuyamu Matungulu, and Dawn Rehm
INTERNATIONAL MONETARY FUND
This paper surveys recent economic developments in countries in the African Department. In the aggregate, output growth continues to be sluggish, and it is expected that half of the countries will experience a declining income per capita in 1993. However, structural adjustment is making fast progress, especially as regards the liberalization of exchange and credit markets. This bodes well for an eventual improvement in economic performance.