Front Matter

Front Matter

Author(s):
International Monetary Fund. African Dept.
Published Date:
May 2016
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    World Economic and Financial Surveys

    Regional Economic Outlook

    Sub-Saharan Africa Time for a Policy Reset

    APR 16

    ©2016 International Monetary Fund

    Cataloging-in-Publication Data

    Regional economic outlook. Sub-Saharan Africa. — Washington, D.C.: International Monetary Fund, 2003–

    v. ; cm. — (World economic and financial surveys, 0258-7440)

    Began in 2003.

    Some issues have thematic titles.

    1. Economic forecasting — Africa, Sub-Saharan — Periodicals. 2. Africa, Sub-Saharan — Economic conditions — 1960 — Periodicals. 3. Economic development — Africa, Sub-Saharan — Periodicals. I. Title: Sub-Saharan Africa. II. International Monetary Fund. III. Series: World economic and financial surveys.

    HC800.A1 R445

    ISBN: 978-1-49838-813-9 (paper)

    ISBN: 978-1-47551-987-7 (Web PDF)

    The Regional Economic Outlook: Sub-Saharan Africa is published twice a year, in the spring and fall, to review developments in sub-Saharan Africa. Both projections and policy considerations are those of the IMF staff and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

    Publication orders may be placed online, by fax, or through the mail:

    International Monetary Fund, Publication Services

    P.O. Box 92780, Washington, DC 20090 (U.S.A.)

    Tel.: (202) 623-7430 Telefax: (202) 623-7201

    E-mail: publications@imf.org

    www.imf.org

    www.elibrary.imf.org

    Contents

    Abbreviations

    ATMs

    automated teller machines

    BCEAO

    Central Bank of West African States

    BDEAC

    La Banque de développement des États de l’Afrique centrale

    BLNS

    Botswana, Lesotho, Namibia, and Swaziland

    CEMAC

    Economic and Monetary Community of Central Africa

    CFA

    currency zone of CEMAC and WAEMU

    CPIA

    Country Policy and Institutional Assessment

    CTOT

    commodity terms-of-trade index

    EMBIG

    Emerging Markets Bond Index Global (JP Morgan)

    FD

    financeable deficit

    FDI

    foreign direct investment

    FEWS NET

    Famine Early Warning Systems Network

    GDP

    gross domestic product

    GMM

    generalized method of moments

    HIPC

    heavily indebted poor countries

    IPC

    Integrated Food Security Phase Classificaion

    LFP

    labor force participation

    LICs

    low-income countries

    MFIs

    microfinance institutions

    NPLs

    nonperforming loans

    PABs

    pan-African banks

    RBI

    required fiscal improvement

    REO

    Regional Economic Outlook (IMF)

    SACU

    Southern African Customs Union

    SSA

    sub-Saharan Africa

    TFP

    total factor productivity

    USAID

    United States Agency for International Development

    VAR

    vector autoregression

    VIX

    Chicago Board Options Exchange Volatility Index

    WAEMU

    West African Economic and Monetary Union

    WEO

    World Economic Outlook (IMF)

    Acknowledgments

    This April 2016 issue of the Regional Economic Outlook: Sub-Saharan Africa (REO) was prepared by a team led by Céline Allard under the direction of Abebe Aemro Selassie.

    The team included Francisco Arizala, Wenjie Chen, Larry Qiang Cui, Jesus Gonzalez-Garcia, Cleary Haines, Dalia Hakura, Mumtaz Hussain, Ahmat Jidoud, Montfort Mlachila, Bhaswar Mukhopadhyay, Monique Newiak, Marco Pani, Bozena Radzewicz-Bak, Misa Takebe, Tim Willems, Yanmin Ye, Mustafa Yenice, and Jiayi Zhang.

    Specific contributions were made by Aidar Abdychev, Corinne Delechat, Geremia Palomba, and Fan Yang.

    Natasha Minges was responsible for document production, with production assistance from Charlotte Vazquez. The editing and production were overseen by Joanne Creary Johnson of the Communications Department.

    The following conventions are used in this publication:

    • In tables, a blank cell indicates “not applicable,” ellipsis points (…) indicate “not available,” and 0 or 0.0 indicates “zero” or “negligible.” Minor discrepancies between sums of constituent figures and totals are due to rounding.

    • An en dash (–) between years or months (for example, 2009–10 or January–June) indicates the years or months covered, including the beginning and ending years or months; a slash or virgule (/) between years or months (for example, 2005/06) indicates a fiscal or financial year, as does the abbreviation FY (for example, FY2006).

    • “Billion” means a thousand million; “trillion” means a thousand billion.

    • “Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

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