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International Monetary Fund. African Dept.

Abstract

Sub-Saharan Africa is set to enjoy a modest growth uptick. The average growth rate in the region is projected to rise from 2.8 percent in 2017 to 3.4 percent in 2018, with growth accelerating in about two-thirds of the countries in the region. The growth pickup has been driven largely by a more supportive external environment, including stronger global growth, higher commodity prices, and improved market access. While external imbalances have narrowed, the record on fiscal consolidation has been mixed and vulnerabilities are rising: about 40 percent of low-income countries in the region are now assessed as being in debt distress or at high risk of debt distress. On current policies, average growth in the region is expected to plateau below 4 percent—barely 1 percent in per capita terms— over the medium term, highlighting the need for deliberate actions to boost growth potential.

International Monetary Fund. African Dept.

Abstract

Sub-Saharan Africa is set to enjoy a modest growth uptick. The average growth rate in the region is projected to rise from 2.8 percent in 2017 to 3.4 percent in 2018, with growth accelerating in about two-thirds of the countries in the region. The growth pickup has been driven largely by a more supportive external environment, including stronger global growth, higher commodity prices, and improved market access. While external imbalances have narrowed, the record on fiscal consolidation has been mixed and vulnerabilities are rising: about 40 percent of low-income countries in the region are now assessed as being in debt distress or at high risk of debt distress. On current policies, average growth in the region is expected to plateau below 4 percent—barely 1 percent in per capita terms— over the medium term, highlighting the need for deliberate actions to boost growth potential.

International Monetary Fund. African Dept.

Abstract

Domestic revenue mobilization is one of the most pressing policy challenges facing sub-Saharan African countries. While the reasons may vary according to country-specific circumstances, there are three aspects of domestic revenue mobilization that make it so important.

International Monetary Fund. African Dept.

Abstract

Domestic revenue mobilization is one of the most pressing policy challenges facing sub-Saharan African countries. While the reasons may vary according to country-specific circumstances, there are three aspects of domestic revenue mobilization that make it so important.

International Monetary Fund. African Dept.

Abstract

Private investment in sub-Saharan Africa is low compared with other countries with similar levels of economic development. The low level of private investment is constraining the region’s efforts to improve social outcomes by holding back labor productivity and the resulting gains in real wages and households’ income. In general, there appears to be a negative association between investment and poverty rates (Figure 3.1). The benefits from increasing investment are well recognized in the region. For example, many countries have engaged in major public investment programs to close large infrastructure gaps with a view to catalyzing private investment. But such a strategy can only be sustained for a limited amount of time, particularly if the private sector growth response is weak. With debt levels high and rising in many countries in the region, there is an increased focus on other options. Countries are participating in external investment initiatives such as the Group of Twenty’s (G20) Compact with Africa, which coordinates efforts to facilitate private investment and increase the provision of infrastructure, and China’s Belt and Road Initiative, which aims to help the region better integrate into global value chains. These initiatives aim to spur private and public investment by improving the business environment and by increasing the availability of financing. These efforts could improve the availability and allocation of resources for investment, and thus have the potential to raise medium-term growth prospects and living standards.

International Monetary Fund. African Dept.

Abstract

Private investment in sub-Saharan Africa is low compared with other countries with similar levels of economic development. The low level of private investment is constraining the region’s efforts to improve social outcomes by holding back labor productivity and the resulting gains in real wages and households’ income. In general, there appears to be a negative association between investment and poverty rates (Figure 3.1). The benefits from increasing investment are well recognized in the region. For example, many countries have engaged in major public investment programs to close large infrastructure gaps with a view to catalyzing private investment. But such a strategy can only be sustained for a limited amount of time, particularly if the private sector growth response is weak. With debt levels high and rising in many countries in the region, there is an increased focus on other options. Countries are participating in external investment initiatives such as the Group of Twenty’s (G20) Compact with Africa, which coordinates efforts to facilitate private investment and increase the provision of infrastructure, and China’s Belt and Road Initiative, which aims to help the region better integrate into global value chains. These initiatives aim to spur private and public investment by improving the business environment and by increasing the availability of financing. These efforts could improve the availability and allocation of resources for investment, and thus have the potential to raise medium-term growth prospects and living standards.

International Monetary Fund. African Dept.

Abstract

The region is seeing a modest growth uptick, but this is not uniform and the medium-term outlook remains subdued. Growth is projected to rise to 3? percent in 2018, from 2? percent in 2017, on the back of improved global growth, higher commodity prices, and continued strong public spending. About ¾ of the countries in the region are predicted to experience faster growth. Beyond 2018, growth is expected to plateau below 4 percent, modestly above population growth, reflecting continued sluggishness in the oil-exporting countries and sustained growth in non-resource-intensive countries. A number of countries (Burundi, DRC, South Sudan, and parts of the Sahel) remain locked in internal conflict resulting in record levels of refugees and Internally Displaced Persons, with adverse spillovers to neighboring countries.

International Monetary Fund. African Dept.

Abstract

The region is seeing a modest growth uptick, but this is not uniform and the medium-term outlook remains subdued. Growth is projected to rise to 3.4 percent in 2018, from 2.8 percent in 2017, on the back of improved global growth, higher commodity prices, and continued strong public spending. About ¾ of the countries in the region are predicted to experience faster growth. Beyond 2018, growth is expected to plateau below 4 percent, modestly above population growth, reflecting continued sluggishness in the oil-exporting countries and sustained growth in non-resource-intensive countries. A number of countries (Burundi, DRC, South Sudan, and parts of the Sahel) remain locked in internal conflict resulting in record levels of refugees and Internally Displaced Persons, with adverse spillovers to neighboring countries.

International Monetary Fund. African Dept.

Abstract

The region is seeing a modest growth uptick, but this is not uniform and the medium-term outlook remains subdued. Growth is projected to rise to 3.4 percent in 2018, from 2.8 percent in 2017, on the back of improved global growth, higher commodity prices, and continued strong public spending. About ¾ of the countries in the region are predicted to experience faster growth. Beyond 2018, growth is expected to plateau below 4 percent, modestly above population growth, reflecting continued sluggishness in the oil-exporting countries and sustained growth in non-resource-intensive countries. A number of countries (Burundi, DRC, South Sudan, and parts of the Sahel) remain locked in internal conflict resulting in record levels of refugees and Internally Displaced Persons, with adverse spillovers to neighboring countries.

International Monetary Fund. African Dept.

Abstract

The region is seeing a modest growth uptick, but this is not uniform and the medium-term outlook remains subdued. Growth is projected to rise to 3? percent in 2018, from 2? percent in 2017, on the back of improved global growth, higher commodity prices, and continued strong public spending. About ¾ of the countries in the region are predicted to experience faster growth. Beyond 2018, growth is expected to plateau below 4 percent, modestly above population growth, reflecting continued sluggishness in the oil-exporting countries and sustained growth in non-resource-intensive countries. A number of countries (Burundi, DRC, South Sudan, and parts of the Sahel) remain locked in internal conflict resulting in record levels of refugees and Internally Displaced Persons, with adverse spillovers to neighboring countries.