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.
Francisco Arizala, Jesus Gonzalez-Garcia, Charalambos Tsangarides, and Mustafa Yenice
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
September 2017
DOI:
http://dx.doi.org/10.5089/9781484314166.001
ISBN:
9781484314166
ISSN:
1018-5941
Page:
37
This paper examines the growth performance of sub-Saharan African countries since 1960
through the lens of growth turning points (accelerations and decelerations) and periods of
sustained growth (growth spells). Growth accelerations are generally associated with
improved external conditions, increased investment and trade openness, declines in inflation,
better fiscal balances, and improvements in the institutional environment. Transitioning from
growth accelerations to growth spells often requires additional efforts beyond what is needed
to trigger an acceleration. Growth spells are sustained by fiscal policy that prevents excessive
public debt accumulation, monetary policy geared toward low inflation, outward-oriented
trade policies, and structural policies that reduce market distortions, as well as supportive
external environment and improvements in democratic institutions. Overall, determinants of
growth spells in sub-Saharan Africa are different from those in the rest of the emerging and
developing countries.
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