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International Monetary Fund. External Relations Dept.
"Africa's Middle-Class Motor" finds growing evidence that a recent resurgence in the continent's economic well-being has staying power. In his overview article, Harvard professor Calestous Juma says the emphasis for too long has been on eradicating poverty through aid rather than promoting prosperity through improved infrastructure, education, entrepreneurship, and trade. That is now changing: there is a growing emphasis on policies that produce a middle class. The new African middle class may not have the buying power of a Western middle class but it demands enough goods and services to support stronger economic growth, which, as IMF African Department head Antoinette Sayeh points out, in turn helps the poorest members of society. Oxford University economist Paul Collier discusses a crucial component of Africa's needed infrastructure: railways. It is a continent eminently suited to rail, development of which has been held back more by political than economic reasons. But even as sub-Saharan African thrives, its largest and most important economy, South Africa, has had an anemic performance in recent years. We also profile Ngozi Okonjo-Iweala, Nigeria's colorful economic czar. "Picture This" mines current trends to predict what Africa will look like a half century from now and "Data Spotlight" looks at increased regional trade in Africa. Elsewhere, Cornell Professor Eswar Prasad, examines a global role reversal in which emerging, not advanced, economies are displaying resilience in the face of the global economic crisis. The University of Queensland's John Quiggin, who wrote Zombie Economics, examines whether it makes sense in many cases to sell public enterprises. Economists Raghuram Rajan of the University of Chicago and Rodney Ramcharan of the U.S. Federal Reserve find clues to current asset booms and busts in the behavior of U.S. farmland prices a century ago.
International Monetary Fund. External Relations Dept.
On dispose de données de plus en plus nombreuses qui montrent qu’un récent regain de prospérité économique en Afrique pourrait être durable. Dans le premier article de notre dossier « La classe moyenne, moteur de l’Afrique », Calestous Juma, professeur à Harvard, note que l’accent a été mis trop longtemps sur l’éradication de la pauvreté grâce à l’aide plutôt que sur la prospérité grâce à de meilleures infrastructures, à l’éducation, à l’entreprenariat et au commerce. Les choses changent aujourd’hui, et les pouvoirs publics privilégient des politiques qui produisent une classe moyenne. La nouvelle classe moyenne africaine n’a peut-être pas le pouvoir d’achat d’une classe moyenne occidentale, mais elle demande suffisamment de biens et de services pour soutenir une croissance économique plus vigoureuse, qui, comme l’indique Antoinette Sayeh, Directrice du Département Afrique du FMI, profite aux plus pauvres. Paul Collier, économiste à l’université d’Oxford, examine une composante cruciale des infrastructures qui sont nécessaires en Afrique : les chemins de fer. Le continent africain est particulièrement adapté au rail, dont le développement a été freiné par des facteurs politiques plutôt qu’économiques. Mais alors même que l’Afrique subsaharienne prospère, les résultats de sa plus grande et plus importante économie, l’Afrique du Sud, ont été médiocres ces dernières années. Nous traçons aussi le profil de Ngozi Okonjo-Iweala, la responsable de l’économie du Nigéria, dont les tenues tranchent par leurs couleurs éclatantes. « Pleins feux » prévoit à quoi ressemblera l’Afrique dans cinquante ans à partir des tendances actuelles et « Gros plan » examine la progression du commerce régional en Afrique. Eswar Prasad, professeur à Cornell, se penche sur une inversion des rôles à l’échelle mondiale : ce sont les pays émergents, et non les pays avancés, qui résistent le mieux à la crise économique mondiale. John Quiggin, professeur à l’université de Queensland et auteur de Zombie Economics, se demande si la vente d’entreprises publiques se justifie dans bon nombre de cas. Raghuram Rajan et Rodney Ramcharan, économistes respectivement à l’université de Chicago et à la Réserve fédérale américaine, trouve des explications des cycles actuels d’emballement et d’effondrement des prix des actifs dans l’évolution des prix des terres agricoles aux États-Unis il y a cent ans.
International Monetary Fund. External Relations Dept.
Africa's Middle-Class Motor finds growing evidence that a recent resurgence in the continent's economic well-being has staying power. In his overview article, Harvard professor Calestous Juma says the emphasis for too long has been on eradicating poverty through aid rather than promoting prosperity through improved infrastructure, education, entrepreneurship, and trade. That is now changing: there is a growing emphasis on policies that produce a middle class. The new African middle class may not have the buying power of a Western middle class but it demands enough goods and services to support stronger economic growth, which, as IMF African Department head Antoinette Sayeh points out, in turn helps the poorest members of society. Oxford University economist Paul Collier discusses a crucial component of Africa's needed infrastructure: railways. It is a continent eminently suited to rail, development of which has been held back more by political than economic reasons. But even as sub-Saharan African thrives, its largest and most important economy, South Africa, has had an anemic performance in recent years. We also profile Ngozi Okonjo-Iweala, Nigeria's colorful economic czar. "Picture This" mines current trends to predict what Africa will look like a half century from now and "Data Spotlight" looks at increased regional trade in Africa. Elsewhere, Cornell Professor Eswar Prasad, examines a global role reversal in which emerging, not advanced, economies are displaying resilience in the face of the global economic crisis. The University of Queensland's John Quiggin, who wrote Zombie Economics, examines whether it makes sense in many cases to sell public enterprises. Economists Raghuram Rajan of the University of Chicago and Rodney Ramcharan of the U.S. Federal Reserve find clues to current asset booms and busts in the behavior of U.S. farmland prices a century ago.
International Monetary Fund. External Relations Dept.
Africa's Middle-Class Motor finds growing evidence that a recent resurgence in the continent's economic well-being has staying power. In his overview article, Harvard professor Calestous Juma says the emphasis for too long has been on eradicating poverty through aid rather than promoting prosperity through improved infrastructure, education, entrepreneurship, and trade. That is now changing: there is a growing emphasis on policies that produce a middle class. The new African middle class may not have the buying power of a Western middle class but it demands enough goods and services to support stronger economic growth, which, as IMF African Department head Antoinette Sayeh points out, in turn helps the poorest members of society. Oxford University economist Paul Collier discusses a crucial component of Africa's needed infrastructure: railways. It is a continent eminently suited to rail, development of which has been held back more by political than economic reasons. But even as sub-Saharan African thrives, its largest and most important economy, South Africa, has had an anemic performance in recent years. We also profile Ngozi Okonjo-Iweala, Nigeria's colorful economic czar. "Picture This" mines current trends to predict what Africa will look like a half century from now and "Data Spotlight" looks at increased regional trade in Africa. Elsewhere, Cornell Professor Eswar Prasad, examines a global role reversal in which emerging, not advanced, economies are displaying resilience in the face of the global economic crisis. The University of Queensland's John Quiggin, who wrote Zombie Economics, examines whether it makes sense in many cases to sell public enterprises. Economists Raghuram Rajan of the University of Chicago and Rodney Ramcharan of the U.S. Federal Reserve find clues to current asset booms and busts in the behavior of U.S. farmland prices a century ago.
International Monetary Fund. External Relations Dept.
En “El impulso de la clase media en África” se destaca que cada vez es más evidente que el reciente aumento del bienestar económico del continente puede ser duradero. En el artículo central, el profesor de Harvard Calestous Juma señala que se ha hecho hincapié durante demasiado tiempo en erradicar la pobreza en lugar de promover la prosperidad mediante el desarrollo de infraestructura, educación técnica, espíritu de empresa y comercio. Esto está cambiando: se está dando ahora más importancia a las políticas que impulsan el desarrollo de la clase media. Aunque la nueva clase media en África quizá no tenga el poder adquisitivo de la de Occidente, genera una demanda suficiente de bienes y servicios para respaldar un crecimiento económico más vigoroso, lo que, como señala la Directora del Departamento de África del FMI, Antoinette Sayeh, ayuda, a su vez, a los grupos más pobres de la sociedad. El economista de la Universidad de Oxford Paul Collier analiza un componente esencial de la infraestructura que África necesita: los ferrocarriles. Es un continente apto para el ferrocarril, cuyo desarrollo se ha frenado por razones políticas más que económicas. Sin embargo, aunque los países de África subsahariana están prosperando, el desempeño de la economía más grande y más importante de la región, Sudáfrica, ha sido anémico en los últimos años. También trazamos una semblanza de la zarina económica de Nigeria, Ngozi Okonjo-Iweala. En “Bajo la lupa” se analizan las tendencias actuales para predecir cómo será África dentro de medio siglo y en “Un vistazo a las cifras” se examina el desarrollo del comercio regional en África. En otro artículo, el Profesor de Cornell Eswar Prasad analiza cómo han cambiado los tiempos para las economías emergentes que ahora están mostrando una mayor capacidad de resistencia ante la crisis económica mundial que las economías avanzadas. John Quiggin de la Universidad de Queensland, autor de Zombie Economics, examina si tiene sentido en muchos casos vender empresas públicas. Los economistas Raghuram Rajan, de la Universidad de Chicago, y Rodney Ramcharan, de la Reserva Federal de Estados Unidos, hallan pistas para explicar los ciclos actuales de auge y caída de los precios de los activos en la evolución del precio de las tierras de cultivo de Estados Unidos hace un siglo.
International Monetary Fund. External Relations Dept.
Africa's Middle-Class Motor finds growing evidence that a recent resurgence in the continent's economic well-being has staying power. In his overview article, Harvard professor Calestous Juma says the emphasis for too long has been on eradicating poverty through aid rather than promoting prosperity through improved infrastructure, education, entrepreneurship, and trade. That is now changing: there is a growing emphasis on policies that produce a middle class. The new African middle class may not have the buying power of a Western middle class but it demands enough goods and services to support stronger economic growth, which, as IMF African Department head Antoinette Sayeh points out, in turn helps the poorest members of society. Oxford University economist Paul Collier discusses a crucial component of Africa's needed infrastructure: railways. It is a continent eminently suited to rail, development of which has been held back more by political than economic reasons. But even as sub-Saharan African thrives, its largest and most important economy, South Africa, has had an anemic performance in recent years. We also profile Ngozi Okonjo-Iweala, Nigeria's colorful economic czar. "Picture This" mines current trends to predict what Africa will look like a half century from now and "Data Spotlight" looks at increased regional trade in Africa. Elsewhere, Cornell Professor Eswar Prasad, examines a global role reversal in which emerging, not advanced, economies are displaying resilience in the face of the global economic crisis. The University of Queensland's John Quiggin, who wrote Zombie Economics, examines whether it makes sense in many cases to sell public enterprises. Economists Raghuram Rajan of the University of Chicago and Rodney Ramcharan of the U.S. Federal Reserve find clues to current asset booms and busts in the behavior of U.S. farmland prices a century ago.
Uma J. Lele, Mr. James Jerome Gockowski, and Kofi Adu-Nyako

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.