This paper examines how Africa can reposition itself to take full advantage of globalization—while minimizing the risks in the process—to accelerate economic growth and reduce poverty. The paper highlights that Africa’s share of world trade has dwindled, foreign direct investment in most countries has remained at low levels, and the income gap relative to advanced countries has widened. The paper looks at why Africa has missed out so far on the benefits of globalization, and indicates what steps Africa now needs to take to boost economic growth.
Mr. Clinton R. Shiells, Mr. Antonio Spilimbergo, Mr. Vladimir Klyuev, and Raghuram Rajan
The IMF Research Bulletin, a quarterly publication, selectively summarizes research and analytical work done by various departments at the IMF and also provides a listing of research documents and other research-related activities, including conferences and seminars. The Bulletin is intended to serve as a summary guide to research done at the IMF on various topics, and to provide a better perspective on the analytical underpinnings of the IMF’s operational work.
This Selected Issues and Statistical Appendix paper on Kuwait focuses on recent development in investment companies (ICs) and the business environment in the country. ICs continue to be vulnerable to swings in financial and real estate markets. They continue to have large exposures to domestic, regional, and international equity and real estate markets. Local banks’ lending to ICs declined in 2010–11 owing to banks’ write-offs of ICs loans. The financial situation of many ICs remains precarious, and there are 15 listed investment companies in a dire situation.