11 Growth and Convergence in the CFA Franc Zone

Catherine A Pattillo

Author: Ms. Catherine A Pattillo

Language:: English

Keywords:: BOOK; CFA franc; WAEMU country; CEMAC country; WAMZ country; CEMAC member country; Real effective exchange rates; Imports; Tariffs; Real exchange rates; Terms of trade; Sub-Saharan Africa; West Africa; Africa; Asia and Pacific; East Asia; CEMAC economy; CEMAC region; vis-à-vis sub-Saharan Africa; disparity index; Business cycles; Government wage bill

Abstract

Strongly linked to external price and exchange rate developments, growth performance during the post-devaluation period has varied within the CFA franc zone. Relative to sub-Saharan Africa averages, real per capita growth has been overall relatively strong, although uneven within WAEMU and CEMAC. Since 1994, real GDP growth in the CEMAC region averaged about 5 percent—with a pronounced drop in 1999 owing to unfavorable oil prices. In the WAEMU region, growth has been lower (averaging about 4 percent) and more volatile, with dips in 2000, 2002, and 2004.

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The CFA Franc Zone

Common Currency, Uncommon Challenges

Author: Ms. Anne Marie Gulde and Mr. Charalambos G Tsangarides

ISBN:: 9781589066755

Publication Date:: 02 Apr 2008

Publisher:: International Monetary Fund

DOI:: https://doi.org/10.5089/9781589066755.071

Pages:: 410

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