Growth Breaks and Growth Spells in Sub-Saharan Africa

Growth Breaks and Growth Spells in Sub-Saharan Africa
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Volume/Issue:
2017/202
Series:
IMF Working Papers
Author(s):
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.
Article

Growth Breaks and Growth Spells in Sub-Saharan Africa

Author(s):
Francisco Arizala, Jesus Gonzalez-Garcia, Charalambos Tsangarides, and Mustafa Yenice
Published Date:
September 2017
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