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International Monetary Fund. Secretary's Department

Abstract

Sept ans après l’éclatement de la crise financière mondiale, le monde a encore beaucoup de chemin parcourir pour arriver à une reprise durable, marquée par une croissance forte permettant la création rapide d’emplois et apportant des avantages à tous, déclare la Directrice générale du Fonds monétaire international (FMI), Christine Lagarde, dans son message d’introduction au Rapport annuel 2014 de l’institution, intitulé De la stabilisation à la croissance durable, rendu public aujourd’hui. «La reprise est bien là, mais elle est encore trop lente et trop fragile, à la merci des aléas financiers. Des millions de personnes sont toujours sans emploi. L’incertitude a certes reflué, mais il est clair qu’elle n’a pas disparu.» Mme Lagarde ajoute que «pendant toute la durée de la crise et la période de redressement, le FMI a été, et continue d’être, un agent indispensable de la coopération économique» pour les pays membres. Le Rapport annuel rend compte du travail du Conseil d’administration du FMI et contient les états financiers de l’institution pour l’exercice allant du 1er mai 2013 au 30 avril 2014. Il décrit le soutien que le FMI apporte à ses 188 pays membres, en mettant l’accent sur les missions fondamentales de l’institution : évaluer les politiques économiques et financières des pays, leur fournir des financements en cas de besoin et développer leurs capacités techniques.

International Monetary Fund. African Dept.

Abstract

As elsewhere, 2009 was a difficult year for most sub-Saharan African countries. But, playing off the revival in global economic activity, growth in the region is expected to rebound this year. Output is now projected to expand by some 4¾ percent in 2010, up from 2 percent last year.1 These numbers have been revised upwards by ½–1 percentage point since last October. And provided the global economy continues to improve, growth in the region should accelerate further still to 5¾ percent in 2011. In essence, the expectation is that growth in most countries is set to bounce back, albeit to rates a little shy of those that prevailed in the mid-2000s.

International Monetary Fund

Abstract

Economic activity in sub-Saharan Africa has weakened markedly. To be sure, growth—at 3¾ percent this year and 4¼ percent in 2016—still remains higher than in many other emerging and developing regions of the world. Still, the strong growth momentum evident in the region in recent years has dissipated in quite a few cases.

International Monetary Fund. Secretary's Department

Abstract

The period from May 2013 through April 2014—the IMF’s financial year 20141—saw the world economy reach a critical juncture: emerging from the greatest financial crisis in almost a hundred years. Recovery was taking hold but was too slow and faced many obstacles along the road. In her Global Policy Agenda, the IMF’s Managing Director set out bold policy steps that could overcome these obstacles and take the global economy toward more rapid and sustainable growth. The top priority was to strengthen the coherence of the policies and cooperation among policymakers, both at home and across borders: national prosperity and global prosperity are linked and depend, more than ever before, on countries working together. The IMF is indispensable for this global cooperation.

International Monetary Fund. African Dept.

Abstract

Macroeconomic outcomes in sub-Saharan Africa continue to strengthen, reflecting domestic policy adjustments and a supportive external environment, including continued steady growth in the global economy, higher commodity prices, and accommodative external financing conditions. Growth is expected to increase from 2.7 percent in 2017 to 3.1 percent in 2018; inflation is abating; and fiscal imbalances are being contained in many countries.

International Monetary Fund. African Dept.

Abstract

Between 2002 and 2007 sub-Saharan Africa’s output grew annually by some 6½ percent—the highest rate in more than 30 years. But with the onset of the great recession, economic growth has faltered in many economies in the region; output is expected to expand by just 1 percent in 2009 (Table 1.1). This will cause per capita income in the region to decline by about 1 percent—the first such drop in a decade. Sobering as this picture is, it is ameliorated somewhat by the fact that prudent macroeconomic policies in recent years have given many countries some policy space to counter the effects of the slowdown. Provided this room is utilized and global economic growth recovers as currently expected, growth in sub-Saharan Africa should pick up to some 4 percent in 2010—although there are significant downside risks. Against this backdrop, IMF staff recommend that, wherever debt sustainability or already high inflation rates are not a binding constraint, fiscal and monetary policies should remain supportive until there are clear indications that the recovery is gaining momentum. In countries where financing is a problem, the focus should remain on containing macroeconomic imbalances lest these further undermine economic growth. For these countries, concessional financing is the most viable way to mitigate the impact of the slowdown on vulnerable groups.