Race to the Next Income Frontier
Back Matter

Back Matter

Author(s):
Ali Mansoor, Salifou Issoufou, and Daouda Sembene
Published Date:
April 2018
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Index

  • Ad hoc measures, 91

  • African Development Bank, 168, 243

  • African Peer Review Mechanism (APRM), 332–33

  • Agency for the Promotion of Investment and Major Works (APIX), 30, 341

  • Agency Responsible for Developing and Monitoring Small and Medium-Sized Enterprises (ADEPME), 341

  • Agriculture

    • cluster approach, 282

    • contract farming, 282

    • corridor concept, 281–82

    • emerging market economy status and, achieving, 281–86

    • Green Morocco Plan, 283–84

    • reforms, 353

    • regional agricultural development, 284–86

  • Agri-food, 48, 49, 279

  • Agro-business, 1

  • Alliance for a Green Revolution in Africa (AGRA), 282

  • Apprenticeship contracts, 353

  • APROSI (Agence d’aménagement et de promotion des sites industriels), 30

  • Argentina, tax reforms in, 112–13

  • Bank financing, percentage of companies with, 369

  • Banking crises, 205, 219–20, 235

  • Banking service penetration rate, 242, 247, 259, 260

  • Basel Committee on Banking Supervision, 221–22

  • Blaise Diagne International Airport (AIBD), 168–69

  • Bottom-up holistic approach, 217–18

  • Bourses de sécurité familiale (BSF), 91

  • Bourses d’étude pour les orphelins et autres enfants vulnérables (OEV), 92

  • BRICS (Brazil, Russia, India, China, South Africa), 325

  • Bridge bank, 230

  • British-type golden rule, 9, 190

  • Budget sustainability approach, 184–87

  • Build Operate Transfer Projects Act, 174–75

  • Business environment

    • annual manufacturing wages, selected countries, 361

    • current and suggested business reforms, 74–76

    • excessive regulations, impact of, 358

    • firm-level productivity indicators, 351–52

    • growth factors for emergence, 73–74

    • indicators of business climate, select countries, 362

    • informality and, 357–66

    • infrastructure quality and costs, 361–62

    • international competitiveness, 358–59

    • labor costs, 360–61

    • labor market regulation index, 359–60

    • labor regulations, 359–60

    • macro-structural reforms in, 73–76

    • reforms and, 74–76, 344–48

    • taxation, 362–65

    • unfair competition, 366

  • Business survey responses on taxation, 364–65

  • Caisse de Dépôts et de Consignations, 285

  • Cantines scolaires, 92

  • Capital conservation buffer, 221

  • Capital Project Process Manual (CPPM), 174

  • Cash Transfers for Child Nutrition Program, 92

  • Central Bank of West African States (BCEAO), 198, 199, 200, 215, 217, 227, 232, 247, 256, 257, 259–61

  • Civic participation, public-private partnership to improve, 367–70

    • cooperation across informal firms, increasing, 367

    • entrepreneurial skills, building, 367

    • finance, adapting to local business risk, 368–70

    • priority elements of business climate, improving, 368

  • Climate change management, 12, 253, 394, 397

  • Cluster approach, 282

  • Collateral requirements, 221

  • Commissariat de la securité alimentaire (CSA), 92

  • Common Market for Eastern and Southern Africa (COMESA), 310

  • Communauté Financière Africaine (CFA) franc, 1, 374

  • Community-Based Re-adaptation Program, 92

  • Compagnie Sucrière Sénégalaise (CSS), 375–76, 378, 380, 383, 386, 387, 393

  • Comparative analysis, of financial inclusion indicators, 248–50

  • Comparator countries

    • average gross national incomes of fastest-growing comparator countries, 2, 3

    • current expenditure and public investment, 126

    • domestic credit provided by financial sector in, 118

    • emerging market comparators, 62–65

    • growth episodes, 4

    • health spending and informality in, 119

    • human capital in, indicators of, 117

    • investment in, private and public, 116

    • public expenditure and life expectancy, 125

    • public expenditure and real GDP growth, 125

    • public expenditure in social sectors, 127

    • public expenditure per cycle and income per inhabitant, 127

    • quality of infrastructure and access to electricity, 128

    • revenue from international trade in, 105

    • revenue from personal income tax in, 106

    • self-reinforcing elements in, 115–19

    • social security contributions and health spending in, 119

    • tax and nontax revenue in comparator countries, 103, 104

    • tax reforms in, 109–14

  • Competition

    • emerging market economy status, national competitiveness for achieving, 270–71

    • international competitiveness, 358–59

    • structural and sectoral reforms to raise factor competitiveness, 353–54

    • unfair, 366

    • welfare effects of, 382–85

  • Competitiveness and Growth Study Group (GRCC), 341

  • Comprehensive Africa Agriculture Development Programme (CAADP), 282

  • Conférence Interafricaine des Marchés d’Assurances (CIMA), 199

  • Conflict settlement mechanisms, 353

  • Consensus-building mechanisms, 341

  • Construction Industry Development Board, 175

  • Construction permits, 74, 75, 108, 292, 293, 343, 344, 346, 352

  • Consultants, fixed fees for, 176

  • Consumption. See also Public expenditure agricultural growth and, 93, 94

    • growth incidence curves and, 85–86, 87, 89, 95

    • growth in level of, 84–85

    • pro-poor growth shifts and, 96

    • quality of expenditures, improving, 146–51

  • Consumption Tax, 112

  • Contract awards, 175

  • Contract farming, 282

  • Contracting deadlines, 175

  • Contribution of informal economy to GDP growth, improving, 355–71. See also Informal economy

  • Control of corruption

    • in Spearman’s rank correlation, 39–40

    • in Worldwide Governance Indicators, 311, 312, 313, 315, 316, 317, 319, 320, 324

  • Corporate income tax (CIT), 101, 106, 115, 119

    • in Argentina, 112

    • in Korea, 113–14

    • in Morocco, 110

    • in South Africa, 109

    • in Turkey, 111

  • Corridor concept, 281–82

  • Countercyclical buffer, 221

  • Countercyclical policies, 8, 131, 181, 190–91, 202, 220, 221, 223, 224

  • Couverture maladie universelle (CMU). See Universal health coverage

  • Credit, obtaining, 75, 292, 293, 345

  • Credit information bureaus, 243, 260

  • Credit rationing, 201–2, 243

  • Crisis management, 225–35

    • application to Senegal, 227–28, 232–34

    • emergency liquidity assistance, 226–27

    • financial safety nets, 234–35

    • public sector intervention, 230–32

    • recovery, 228–29

    • resolution, 229–30

  • Cross-sectional macroprudential tools, 223, 225

  • Cross-sectional risks, 206–13

    • common (and concentrated) exposures, 213

    • foreign banking groups operating in Africa, selected, 207–8

    • interconnectedness across countries, 206

    • interconnectedness between banks and nonbanks, 206, 213

    • Pan-African banking groups, selected, 210–12

    • procyclical bias, 220–23

  • Dakar Medical City Project, 287

  • Dakar Regional Campus Project, 287

  • Debt, Senegal’s, 181–91

    • apparent interest rate on public debt, evolution of, 184

    • conclusion, 191

    • debt sustainability analysis, 184–88

    • external debt structure, evolution of, 183

    • growth and fiscal rules, 188–91

    • indebtedness rate, 185–87, 188–90

    • public debt as share of GDP, 182

    • public investment rates, 188–89

    • stylized facts, 182–84

  • Debt overhang, 181

  • Debt sustainability analysis (DSA), 184–88

    • approach of sustainability through solvency, 187–88

    • budget sustainability approach, 184–87

  • Decile ratio, 82, 83–84, 85, 86–87, 95

  • Deposit and Consignment Office, 285

  • Deuxième Enquête de Suivi de la Pauvreté au Sénégal (ESPS II), 385

  • Differential weighting, 221

  • Digressive Protection Tax, 374–75

  • Disaster management, 12, 394

  • Doing Business, 31, 52, 53, 67–76, 292–96, 338, 342, 343, 345–48, 361

  • Domestic credit provided by financial sector in comparator countries, 118

  • Domestic financial system, 274

  • Dynamic provisioning, 221, 224

  • Early warning indicators (EWIs), 214, 216

  • Economic Community of West African States (ECOWAS), 55–57, 272–73, 310

  • Economic complexity index, 271, 291

  • Economic growth, 77–97. See also Growth performance, in Senegal; Inclusive growth; Poverty

    • debt and fiscal rules, 188–91

    • distributional characteristics of, 89

    • financial inclusion and, 254–55

    • growth framework, simple, 65–69

    • growth periods, 1, 32, 123

    • inclusive growth, 82–97

    • pro-poor, 79, 81, 93, 96

    • real GDP per capita, evolution of, 78

    • social protection and, 389–97

    • urban and rural growth, differences between, 86–89

  • Educational Support for Vulnerable Children, 92

  • Education expenditure, 89–90, 151–55

  • Education system, reinventing, 54–55

  • Eigenvalues, 250

  • Electric grid, connection to, 352–53

  • Electricity, 1, 6, 27, 31–32, 43, 45, 54, 75, 76, 93, 94, 128, 130, 131, 287, 292, 345, 349, 353, 358, 361–62, 388

  • Emergence

    • better governance and institutional development to support, 306–7

    • conclusion, 322–23

    • country lists, 324

    • governance and institutions required for successful, 325–33

    • governance and institutions to sustain policymaking and reforms, Sub-Saharan Africa and, 307–20

    • growth factors for, 73–74

    • introduction, 305–6

    • policymaking and, 308–10

    • proemergence governance framework, developing, 321–22

    • reform drive, strengthening, 310–11

    • reform implementation, international experience, 321

    • Worldwide Governance Indicators, 311–20, 323–24

  • Emergency liquidity assistance, 226–27

  • Emerging market comparators, 62–65

    • Emerging Market Index and, 63, 64

    • frontier markets, 63

    • for Senegal, 64–65

    • sub-Saharan countries, 62–63

  • Emerging market economies, 6, 11

    • classifying, 62–65

    • crisis in, 1990s, 195, 219, 225–26, 273, 326

    • crisis management and, 225, 234

    • education spending and, 151–55, 277–78

    • financial inclusion and, 245–55

    • financial stability and, 195–97

    • high savings and investment rates in, 274–75

    • identified in Emerging Markets Index (MSCI), 63, 266

    • inclusive growth and, 32

    • industrialization policy and, 51, 52, 268

    • informal economy and, 38–40

    • labor market issues in, 276

    • macroprudential regulation and, 196–200, 214, 215, 217–20, 222–25

    • microprudential regulation and, 195–96, 198, 218–19, 222, 223

    • primary sector in, 289

    • public health spending and, 156–57

    • public investment and, 159, 165, 166–67

    • relevant for Senegal, 64

    • strategies pursued by, compared to Plan Sénégal Émergent, 278–80

    • strategies pursued by, variability on, 268

    • systemic risk and, 204–5, 214, 215

    • total public expenditures, 145–46

    • wage bill and, 146–49

  • Emerging market economy definition, 62–64

  • Emerging market economy status, achieving, 265–300

    • agriculture and, 281–86

    • background, 267

    • business and foreign direct investment, 294

    • business environment, 292–94

    • challenges for Senegal, 280–81

    • conclusion, 299–300

    • construction and low-cost housing, 286–87

    • economic complexity index and, 271, 291

    • entrepreneurship and investment, 296

    • exports, boosting, 280

    • high savings and investment rates and, 274–75

    • implementing Plan Sénégal Émergent, strategy for, 296–99

    • industrial sector, 287

    • introduction, 265–67

    • labor market issues, 276

    • lessons for Senegal, 278–99

    • macroeconomic stability and, 273–74

    • market flexibility and mechanisms, reliance on, 275–76

    • MSCI Emerging Markets Index and, 266

    • national competitiveness and, 270–71

    • other favorable factors, 277–78

    • political leadership and, 276–77, 281

    • primary sector, movement away from, 289–90

    • productivity improvements, 290–91

    • reform programs, key components of, 269–71

    • reforms as path to (See Financial stability reforms)

    • regional growth and development, 287–89

    • strategies, variability in, 268

    • strategies pursued by emerging market economies compared to Plan Sénégal Émergent, 278–80

    • structural reform associated with, 267–78

    • success stories of sustained high growth, 300

    • three pillars to achieve, 1, 61, 143, 286, 297

    • trade facilitation, 294–96

    • trade liberalization and, 271–73

  • Emerging Markets Index (MSCI), 63, 64, 266

  • Enforcing contracts, 75, 292, 293, 345

  • Enquête sénégalaise auprès des ménages [Household Survey] (ESAM), 50

  • Entrepreneurial skills, building, 367

  • Environmental protection, 12, 394, 397

  • European Systemic Risk Board (ESRB), 217n6

  • Exchange rate channel, 202

  • Expenditure rationalization, 5, 6

  • Exports

    • boosting, foreign direct investment and, 280

    • expanding to new markets, 24–27

  • Extended banking service penetration rate, 247, 260

  • Factorial correspondence analysis performance in area of, 250

    • results of, 251–55, 262

  • Family loans, percentage of companies with, 369

  • Family Safety Grants, 91

  • Federation of Professional Banking Associations and Financial Institutions (FAPBEF) of WAMU, 260–61

  • Finance

    • adapting to local business risk, 368–70

    • bank financing, percentage of companies with, 369

    • family loans, percentage of companies with, 369

    • interest rates charged by banks on loans, 370

    • internal funds, percentage of formal and informal firms financed by, 368

    • loans, percentage of companies having difficulty repaying, 369

    • retained earnings, percentage of formal and informal firms financed by, 368

  • Financial inclusion, 239–62

    • concept of, 245–47

    • conclusion, 256–57

    • economic growth and, 254–55

    • factorial correspondence analysis, 250, 251–55, 262

    • index, building, 250–51

    • indicators, comparative analysis, 248–50

    • introduction, 239–40

    • M-Pesa system, 255

    • poverty and, 252–53

    • progress in area of, 259–62

    • reforms, recommended, 255–56

    • stylized facts, 240–44

    • in WAEMU, 247–50

    • WAMU banks and, services offered by, 257–59

  • Financial safety nets, 234–35

  • Financial sector, promoting, 9–10

  • Financial service use rate, 247, 260

  • Financial Stability Board, 222, 225, 230–32, 233–34

  • Financial Stability Council, 199–200

  • Financial stability indicators (FSIs), 216

  • Financial stability reforms, 195–235

    • crisis management, 225–35

    • financial stability framework in WAEMU banking union, 197–201

    • introduction, 195–97

    • in low-income countries, shock-absorbing capacity in, 201–3

    • systemic risk, 203–25

  • Firm-level productivity indicators, 351–52

  • First generation reforms, 341, 342

  • Fiscal policy

    • framework, 6–9

    • for macroeconomic stability, 273–74

    • rules-based, 188–91, 309

  • Fisheries/fishing, 12, 44, 46, 168, 244, 388

  • Fixed fees for consultants, 176

  • Flour industry, 378–79

    • market structure, 378

    • policies, 378–79

    • Senegal in world market, 378

    • taxation on, 380

  • Fonds de solidarité nationale (FSN), 92

  • Fonds souverain d’investissements strategiques (FONSIS), 30, 354

  • Food security, 12, 92, 244, 279, 282, 285, 394, 397

  • Food Security Commissariat, 92

  • Foreign direct investment (FDI)

    • boosting exports, 280

    • business environment and, 294, 337–40

    • business environment in Senegal and, 339–41

    • consensus-building mechanisms and special governing bodies, 341

    • debt and, 20–21, 24

    • determinants of, 337–39

    • emerging market economies and, success of, 268, 269–70

    • entrepreneurship and investment and, 296

    • growth rates and, 18

    • incentives to attract, 289

    • inclusive growth and, 33

    • increasing, 339–40

    • industrial sector and, 287

    • political leadership and, 277

    • productivity improvements and, 291

    • in public infrastructure and human capital, 27–28, 29

    • public-private partnerships and, 53

    • public sector investment projects and, 175

    • reform, generations of, 341–44

    • regulatory reforms favorable to, 345–46

    • shortening the time taken to get things done and, 292

    • small and medium-sized enterprises and, 290

    • special economic zones and, 19–20, 27–28, 29–30

    • structural reforms and, 10–12, 266, 268–70, 272, 273, 277, 280, 287, 289–92, 294

    • stylized facts, 339–40

    • supply constraints and, 31–32

    • trade liberalization and, 272–73

  • Forward-looking provisioning, 221

  • Franc Communauté Financière Africaine (FCFA), 104

  • Frontier markets, 63, 204, 219–20, 308, 309

  • Ghanaian Institute of Management and Public Administrating (GIMPA), 289

  • Gini coefficients (or Gini index), 34, 79, 82–83, 392

  • Global Competitiveness Report (World Economic Forum), 270

  • Global Findex Database, 248–53

  • Golden rule, British-type, 9, 190

  • Governance. See also Worldwide Governance Indicators

    • African Peer Review and, 332–33

    • challenges faced by Senegal, 331–32

    • economic policy and, 330–31

    • fiscal policy, 309

    • international standards of, Senegal’s opting for, 329–30

    • monetary policy, 309–10

    • reform drive in Sub-Saharan Africa, strengthening, 310–11

    • required for successful emergence, 325–33

    • sound policymaking and, pursuing, 308–10

    • in Sub-Saharan Africa compared to other countries and regions, 311–20

    • to sustain policymaking and reforms, Sub-Saharan Africa and, 307–20

  • Governing bodies, special, 341

  • Government effectiveness, 38, 311–16, 318–20, 321, 324, 328

  • Grain corridors, 281–82

  • Grands Moulins de Dakar (GMD), 386

  • Green Morocco Plan, 282, 283–84, 285

  • Groundnuts, 12, 77, 376–77, 387–88

  • Groupe de Réflexion pour la Compétitivité et la Croissance (GRCC), 341

  • Group of Thirty (G30), 198

  • Group of Twenty (G20), 234

  • GrowAfrica, 282

  • Growth, economic. See Economic growth

  • Growth framework, simple, 65–69

    • empirical results, 68–69

    • model, 65–68

  • Growth incidence curves, 85–86, 87, 88

  • Growth inclusiveness. See Inclusive growth

  • Growth performance, in Senegal

    • compared to sub-Saharan African countries, 2, 32, 308, 309

    • macro-structural reforms and, 73

    • poverty and (See Poverty)

    • prolonged periods of positive growth and, 32, 33

    • rent seeking and, 28

  • Growth rates, Plan Sénégal Émergent, 17–40

    • contingency planning, 35

    • exports/export quality and expanding to new markets, 24–27

    • in high-debt countries, 36–40

    • in high-growth countries, 36–40

    • informal economy and, 38–40

    • international experience with growth and debt, 20–24

    • introduction, 17–18

    • promoting inclusive growth, 32–35

    • special economic zones and, 18–20, 27–31

    • supply constraints, unlocking, 31–32

  • Health expenditure, 24, 89–90, 119, 127–28, 143, 156–57, 394

  • Health spending in comparator countries, 119

  • Heavily Indebted Poor Countries (HIPC) Initiative, 8, 181, 307–8

  • High-debt countries

    • GDP per capita growth in, 20, 21

    • identification of, 36–37

    • informal economy in, 38–40

  • Higher Education Institutes (ISEP), 353

  • High-growth countries, 21, 23–24, 28, 31, 33

    • GDP per capita growth in, 21, 23–24, 32, 33, 36

    • identification of, 36–37

    • informal economy in, 38–40

    • public expenditures for education and health in, 23–24

    • small and medium-sized enterprise sector in, 23

    • special economic zones in, 28

    • success stories of, 300

  • Hong Kong Special Administrative Region, 19, 266, 268, 279, 300

  • Horticulture, 12, 168, 386, 388 Household Survey (ESAM), 50

  • Housing, 202, 214, 221, 223, 243, 275, 280, 390

    • construction and low-cost, 286–87

  • Human capital

    • investing in, 151–57

    • in Senegal and comparator countries, indicators of, 117

  • Import substitution policy, 46, 268, 272, 374

  • Import-substitution tax system, 110

  • Inclusive finance, 12, 394, 397

  • Inclusive growth, 82–97

    • ad hoc measures, 91

    • assessing, theoretical considerations, 95–97

    • definition of, 82, 96

    • education expenditure, 90

    • equality and data issues, measures of, 82–83

    • growth incidence curves, 85–86, 87, 88

    • inequality indicators, 83–85

    • policies supportive of, 89–92

    • policies to make growth more inclusive, 92–95

    • promoting, in Plan Sénégal Émergent, 32–35

    • public expenditures, 90

    • public policies supportive of, 89–92

    • social expenditure, 90

    • social inclusion and, linkages between, 389–91

    • social programs, 92

    • social safety nets, 91, 92

  • Indebtedness rate, 185–87, 188–90

  • Independent Review Panel, 175, 178

  • Indonesia, 50, 64

  • Industrial development, 374–79

    • conclusion, 386–88

    • overview, 374–75

    • protection and domestic prices, 380–82

    • reform, political economy of, 385–86

    • sugar, 375–76

    • taxation on imports, 379, 380

    • vegetable oils, 376–78

    • welfare effects, 382–85

    • wheat flour and bread, 378–79

  • Industrial framework, Senegal’s, 43–59

    • conclusion, 59

    • industrialization model of colonial period and, 45–46

    • Industrial Redeployment Policy, 47–48

    • informal sector in, 49–51

    • introduction, 43

    • New Industrial Policy and, 46–47

    • Plan Sénégal Émergent and, 48–49

    • public-private partnership in, 51–59

    • small-and medium-scale industry in, 43–45

  • Industrialization model of colonial period, 45–46

  • Industrialization policy, 43, 51–52, 268

  • Industrial Redeployment Policy, 47–48

  • Inequality indicators, 83–85

  • Informal economy. See also Business environment

    • business survey responses, 364–65

    • contribution of, to GDP growth, 355–71

    • employment in, as share of nonagricultural employment, 357

    • excessive regulations, impact of, 358

    • in high-growth versus high-debt countries, 38–39, 40

    • improving contribution of, 366–67

    • indicators of business climate, 362

    • infrastructure quality and costs, 361

    • institutional quality and, 39–40

    • international competitiveness, 358–59

    • introduction, 355–57

    • labor regulations and costs, 359–61

    • policy recommendations to reduce, 40

    • public-private partnerships to improve civic participation in, 367–70

    • share of GDP for primary, secondary, and tertiary sectors in, 357

    • share of informal activities in, 355–56

    • size of, 38, 39

    • taxation, role of, 362–63

  • Informality in comparator countries, 119

  • Infrastructure quality and costs, 361–62

  • Insolvency, resolving, 75, 292, 345

  • Institutions

    • budget, quality of, 134

    • development of, to support emergence, 306–7

    • legal environment and economic progress, 328–29

    • model for arrangement of, macroprudential regulation and, 198

    • quality of, informal economy and, 39–40

    • required for successful emergence, 325–33

    • rule of law and, 64, 94, 328

    • shadow, 218

    • to sustain policymaking and reforms, Sub-Saharan Africa and, 307–20

  • Interest rates charged by banks on loans, 370

  • Internal funds, percentage of formal and informal firms financed by, 368

  • International competitiveness, 358–59

  • International Monetary Fund (IMF)

    • ad hoc measures to generate inclusive growth and, 91

    • agricultural employment growth and, 94

    • debt sustainability assessment and, 187, 188

    • on enhanced management’s effect on public investment, 166

    • fiscal transparency policies and, 329–30

    • frontier markets category and, 63

    • HIPC Initiative launched by, 182n1

    • on importance of institutions in economic development, 328

    • inclusive growth and, 82, 91, 92

    • industrial challenge and informal sector, 49

    • on macroeconomic management in sub-Saharan Africa, 308

    • macroprudential survey conducted by, 223

    • macro-structural reforms and, 73

    • mature stabilizer classification and, 62

    • perpetual inventory method and, 160n18

    • Policy Support Instrument supported by, 124, 129

    • poverty and social impact analysis, Senegal’s 2008, 91

    • productive employment opportunities to generate inclusive growth and, 94

    • on rules-based fiscal policy in sub-Saharan Africa, 309

    • social safety nets to generate inclusive growth and, 92

  • Internship contracts, 353

  • Investment in comparator countries, public and private, 116

  • Investment rates, 274–75

  • Irrigation, 12, 275, 279, 284, 349, 353, 394, 397

  • “Key Attributes of Effective Resolution Regimes for Financial Institutions” (Financial Stability Board), 230–32

  • Korea, tax reforms in, 113–14

  • Labor costs, 360–61

  • Labor market issues, 276

  • Labor market regulation index, 359–60

  • Labor regulations, 359–60

  • Loans, percentage of companies having difficulty repaying, 369

  • Loan-to-value ratios, 221, 222, 224

  • Lower-middle-income countries, 2

    • list of, 324

    • public expenditure and, 124–28

    • Senegal classified as, 62

    • Worldwide Governance Indicators for, 313–16

  • Low-income countries, 2, 5, 8, 9

    • average real GDP growth in, 3, 36

    • crisis in, 1980s, 195, 219–20, 225–26, 374

    • financial stability reforms, shock-absorbing capacity in, 201–3

    • growth and debt in, 20–24

    • informal economy and, 38–40

    • Worldwide Governance Indicators for, 312, 314–16

  • Macroeconomic stability, 273–74

    • domestic financial system and, 274

    • exchange rate regimes and, 274

    • fiscal policy and, 273–74

    • monetary policy and, 274

  • Macroprudential regulation

    • applied to Senegal, 223–25

    • cross-sectional tools and, 223, 225

    • effectiveness of, 222–23

    • intensity of use of, 224

    • measures, challenges of, 218

    • microprudential regulation compared to, 196

    • model for institutional arrangements in support of, 198

    • shadow institutions and, 218

    • supervision of, 199–200, 215

    • systemic risk and, 217, 218, 219, 220–21, 222

    • understanding of credit and, 214

  • Macro stress test, 216

  • Macro-structural reforms, 61–76

    • in business environment, 73–76

    • current and suggested business reforms, 74–76

    • Doing Business rank, 67–76

    • emerging market comparators, 62–65

    • emerging market economy definition, 62–64

    • Emerging Markets Index, MSCI, 63, 64

    • empirical results, 68–69

    • growth factors for emergence, 73–74

    • growth framework, simple, 65–69

    • introduction, 61–62

    • model, 65–68

    • per capita GDP needed to reach middle-income status, 69

    • policy performance, 69

    • policy reforms, most effective, 69–73

    • productivity gains from, 71, 74

  • Malnutrition, 281

  • Manufacturing, 12, 29, 43, 44, 46, 47, 272, 289–90, 336, 339, 351, 359, 361, 373, 383, 388

  • “March from Low Income to Advanced Economy,” 321

  • Market Classification Framework (MSCI), 63

  • Market flexibility and mechanisms, reliance on, 275–76

  • Market price-based indicators, 216

  • Mauritius, lessons learned from, 174–76

  • Mean log deviation index, 82–83

  • Microprudential regulation and, 195–96, 198, 218–19, 222, 223

  • Middle-income countries

    • average real GDP growth in, 3, 36

    • growth and debt in, 20–24

    • list of, 64

  • Millennium Challenge Account (MCA), 49

  • Minimum capital requirement, 74, 221, 229, 344, 345, 346, 352

  • Mining, 1, 12, 17, 46, 102n2, 104, 244, 266, 287, 289, 300, 359, 388

  • Ministry of Economy, Finance, and Planning (MEFP), 350

  • Minority investors, protecting, 75, 292, 346

  • Mobile Money for the Poor program, 253, 261

  • Monetary policy, 274, 309–10

  • Monetary Policy Committee (CPM), 257, 261

  • Morgan Stanley Capital International (MSCI), 63, 266

    • Emerging Markets Index, 63, 266

    • Market Classification Framework, 63

  • Morocco, tax reforms in, 109–10

  • M-Pesa system, 255

  • Multilateral Debt Relief Initiative (MDRI), 181, 182

  • Multiple-module measures, 216

  • National Confederation of Employers of Senegal (CNES), 50

  • National Economic Development Bank (BNDE), 354

  • National Schedule of Rates, 175

  • National School Lunch Program, 92

  • National Solidarity Fund, 92

  • National Statistical and Demographic Agency of Senegal, 79

  • New Alliance for Food Security and Nutrition (NASAN), 282

  • New Industrial Policy, 46–47

  • New Partnership for Africa’s Development (NEPAD), 282, 323, 332

  • Nutrition, 12, 91, 92, 281, 282, 378, 394, 397

  • Nutrition ciblée sur l’enfant et transferts sociaux (NETS), 92

  • Observatory on the Quality of Financial Services (OQSF), 261

  • Old Age Support Program, 92

  • Organisation for Economic Co-operation and Development (OECD), 111, 293, 316, 336, 375

  • Organization for the Harmonization of Business Law in Africa (OHADA) Treaty, 137, 329, 330, 344

  • Palm oil, 377–78, 382

  • Park Geun-hye, 321

  • Paying taxes, 75, 76, 118, 292, 345, 346

  • Peanut oil, 376–77

  • PEFA report, 2011, 133

  • Personal income tax (PIT), 101, 105, 107, 108, 115, 118, 119

    • in Argentina, 113

    • in Korea, 113–14

    • in Morocco, 110

    • in South Africa, 109

    • in Turkey, 111

    • in Uruguay, 114

  • Phosphates, 77

  • Physical capital, public investment in, 158–60

  • Plan Sénégal Émergent

    • compared to strategies pursued by emerging market economies, 278–80

    • growth rates, achieving, 17–40

    • industrial framework of Senegal and, 48–49

    • overlapping reference groups relevant for Senegal, 64–65

    • pillars of, 1, 61, 143

    • planning and coordination, 296–98

    • project implementation and management, 298

    • strategy for implementing, 296–99

    • structural reforms, implementing, 298–99

    • three pillars of, 1, 61, 143, 286, 297

  • Plan Sesame, 92

  • Policymaking, in Sub-Saharan Africa, 308–10

    • fiscal policy, 309

    • monetary policy, 309–10

  • Policy reforms, 69–73. See also Reforms

  • Policy Support Instrument, 62, 124, 129

  • Political economy of reform, 385–86

  • Political leadership, 276–77, 281

  • Political stability and absence of violence/terrorism, 311–16, 318–20, 324

  • PovCalNet, 79

  • Poverty, 77–82

    • decile ratio, 79, 82, 83–84, 85, 86–87, 95

    • financial inclusion and, 252–53

    • gap, 79–80, 82–83

    • Gini coefficients (or Gini index), 79, 82–83, 392

    • head count ratios, 78, 79, 81, 93

    • historical and regional perspectives, 77–79

    • household surveys and, data drawn from, 79–82, 83, 97

    • impact of growth on, 79–82

    • incidence, 79, 80, 81, 391–95

    • index, 252–53, 262

    • indicators, 79, 80, 392

    • line, 77–82, 385, 391

    • mean log deviation index, 82–83

    • rate, 79, 80, 81, 82, 328, 385n20

    • Second Poverty Monitoring Survey, 391, 392

    • Watts index, 82–83

  • Poverty gap, 79–80

    • squared, 82–83

  • Poverty head count ratios, 78, 79, 81, 93

  • Poverty incidence, 79, 80, 81, 391–95

  • Poverty index, 252–53, 262

  • Poverty Monitoring Survey in Senegal (ESPS-II), 385

  • Poverty rate, 79, 80, 81, 82, 328, 385n20

  • Poverty Reduction Program, 92

  • Power generation. See Electricity

  • Presidential Investment Council (CPI), 336, 341–42, 343, 349

  • Price accessibility dimension, 247

  • Priority Investments Guarantee Fund (FONGIP), 354

  • Private investment in comparator countries, 116

  • Procurement Policy Office, 175

  • Procyclical bias, 220–23

  • Productivity gains

    • in agriculture, 275

    • from macro-structural reforms, 71, 74

    • misappropriations of food subsidies and, 131

    • technologies to enhance, 55

  • Programme d’alimentation scolaire, 92

  • Programme d’appui à la mise en oeuvre de la Stratégie de Réduction de la Pauvreté (PRP), 92

  • Programme de réadaptation à base communautaire (PRBC), 92

  • Program of Reforms to Improve the Business Environment and Competitiveness (PREAC), 336–37, 343, 344, 349, 350

  • Program on Coordination of Budget and Financial Reforms (PCRBF), 134

  • Project implementation units, 175–76

  • Project managers, 176, 299

  • Project Plan Committee, 175, 178

  • Projet d’appui à la promotion des aînés (PAPA), 92

  • Property, registering, 75, 76, 292, 345, 346

  • Property rights, 40, 71, 73, 74, 94, 305, 307, 324, 349

  • Pro-poor growth, 79, 81, 93, 96

  • Protection and domestic prices, 379–82

    • actual protection and domestic prices, 380–82

    • statutory nominal and effective protection, 379–80

  • Public expenditure

    • budget accuracy and rationalization of, 134–36

    • changes in food production and subsidies and transfers, 131

    • changes in petroleum prices and subsidies and transfers, 132

    • comparative trends in, 124–28

    • comparator countries and, 123–41

    • conclusions, 140–41, 161

    • contingency planning and, 35

    • discrepancies between budget expenditure and authorized expenditure, 133

    • education, 89–90, 151–55

    • effective allocation of current, 136–37

    • effective management of parastatal sector and holdings, 137–38

    • effective use of external resources, 139

    • health, 24, 89–90, 119, 127–28, 143, 156–57, 394

    • high spending and disappointing growth, 144–46

    • inclusive growth and, 90

    • introduction, 123–24, 143

    • life expectancy and, 125

    • per cycle and income per inhabitant, 127

    • public investment, making more efficient, 158–60

    • quality of budget institutions, 134

    • quality of consumption expenditures, options for improving, 146–51

    • quality of infrastructure and access to electricity, 128

    • real GDP growth and, 125

    • reforms to rationalize, 134–39

    • role of, 143–61

    • in social sectors, 127

    • structure of current, 129–32

    • subsidies and standard of living, 130

    • technical inefficiency in, 132–34

  • Public Expenditure and Financial Accountability (PEFA), 133

  • Public financial management, 6, 28, 309

  • Public investment

    • in comparator countries, 116

    • conclusion, 178

    • de facto system of public investment management, 173–74

    • de jure public investment management system, 172–73

    • “eight commandments” of public investment management, 171–72

    • improved system of, 174–78

    • introduction, 163–64

    • Mauritius, lessons learned from, 174–76

    • reforms recommended for Senegal, 176–78

    • stylized facts, 164–70

  • Public Investment Management Index (PIMI), 160, 166–67, 170

  • Public investment rates, 166, 188–89

  • Public policies supportive of inclusive growth, 89–92

    • ad hoc measures, 91

    • social programs, 92

    • social safety nets, 91, 92

  • Public-private partnerships

    • civic participation to improve, 367–70

    • consensus, consolidation of, 52–53

    • cooperation across informal firms, increasing, 367

    • education system, reinventing, 54–55

    • entrepreneurial skills, building, 367

    • finance, adapting to local business risk, 368–70

    • long-term industrialization project, pursuing, 57–59

    • in Mauritius, 176

    • priority elements of business climate, improving, 368

    • public administration, mobilization of, 51–52

    • in Senegal’s industrial framework, 51–59

    • strategic steering mechanisms, pursuing, 57–59

    • subregional opportunities, seizing, 55–57

    • support mechanism, reconstructed and streamlined, 54

  • Public sector intervention, 230–32

  • Public Sector Investment Program, 174, 175

  • Quantitative credit controls, 221

  • Real estate purchases, registration fees for, 352

  • Recovery, in crisis management, 228–29

  • Recovery plans, 229–30

  • Reforms. See also Structural reforms

    • budget accuracy and rationalization of expenditure, 134–36

    • business environment improvements, 344–48

    • carried out from 2013-2016, 252–354

    • effective allocation of current expenditure, 136–37

    • effective management of parastatal sector and holdings, 137–38

    • effective use of external resources, 139

    • financial inclusion, recommended, 255–56

    • first generation, 341, 342

    • future, key areas of, 350

    • generations of, in foreign direct investment, 341–44

    • as path to emerging market economy status (See Financial stability reforms)

    • policy, 69–73

    • political economy of, 385–86

    • principle, 2002-05, 342

    • rationalization of public stabilization expenditure, 138–39

    • to rationalize public expenditure, 134–39

    • recent regulatory, 345–46

    • second generation, 342–43

    • simplification of instruments and procedures to ensure affordable and effective services, 352–53

    • structural and sectoral reforms to raise factor competitiveness, 353–54

    • third generation, 344

  • Regional business centers and other hubs, 289

  • Regional Council for Public Savings and Financial Markets (CREPMF), 199

  • Regional growth and development, 287–89

    • Dakar Medical City Project, 287

    • Dakar Regional Campus Project, 287

    • regional business centers and other hubs, 289

  • Registering property, 75, 76, 292, 345, 346, 352

  • Regulations, impact of excessive, 358

  • Regulatory quality

    • in Spearman correlation analysis, 38, 39

    • in Worldwide Governance Indicators, 311–17, 319–20, 324

  • Reserve requirements, 221, 223, 224

  • Resolution, in crisis management, 229–30

  • Resolving insolvency, 75, 292, 345

  • Retained earnings, percentage of formal and informal firms financed by, 368

  • Revenue mobilization, 5, 6–7, 101–19

    • current situation, 103–8

    • introduction, 101–3

    • per capita income in comparator countries, 102

    • revenue from international trade in comparator countries, 105

    • revenue from personal income tax in comparator countries, 106

    • statutory personal and corporate income tax rates in comparable countries, 106

    • tax and nontax revenue in comparator countries, 103, 104

    • tax reforms in comparator countries, 109–14

  • Revenue Watch Institute, 289

  • Rule of law

    • in defining stability of institutional framework, 64

    • in good governance, 306–7, 326

    • in institutional development, 328

    • in Plan Sénégal Émergent, 267

    • in reform programs, 270, 300

    • in set of inclusive economic institutions, 94

    • in Spearman correlation analysis, 39–40

    • in Worldwide Governance Indicators, 311–20, 324, 328

  • Rural growth, 86–89

  • Rural Wells Drilling Office (OFOR), 353

  • Sanitation, 94, 158, 275, 389

  • Savings rates, 274–75

  • School Lunch Program, 92

  • Second generation reforms, 342–43

  • Second Poverty Monitoring Survey, 391, 392

  • Sectoral balance sheets, 214–15

  • Self-reinforcing elements in comparator countries, 115–19

  • Senegal

    • debt in, 181–91

    • economic growth in, 77–97

    • emerging market comparators for, 64–65

    • financial inclusion in, 239–62

    • growth in, inclusiveness and social dimensions of, 77–97

    • growth performance in, compared to sub-Saharan African countries, 2, 28, 32–33, 73

    • industrial framework, 43–59

    • poverty in, 77–82

  • Senegalese Export Promotion Agency (ASEPEX), 341

  • SENELEC, 353

  • Sesame Plan, 92

  • Settlement laws, 132

  • Shadow banking, 218

  • Shadow institutions, 218

  • Shortening the time taken to get things done, 292

  • Social inclusion and inclusive growth, linkages between, 389–91

  • Social justice and equity, 394, 397–98

  • Social programs, 92

  • Social protection, 12, 267

    • benefits of, to growth, 389–97

    • conclusion, 397–98

    • distribution of expenditures by population quintile, 392

    • potential for, in support of growth, 395–97

    • poverty indicators, trends in, 392

    • social inclusion and inclusive growth, linkages between, 389–91

  • Social safety nets, 91, 92

  • Social security

    • contributions in comparator countries, 119

    • coverage, 91

    • labor market issues and, 276

    • reform, 397

    • social protection and, 393, 397

  • Social services, 94, 125, 138, 286, 358, 389

  • Société d’Aménagement de la Petite Côte (SAPCO), 168

  • Société Nationale de Commercialisation des Oléagineux du Sénégal (SONACOS), 377

  • Solvency, approach of sustainability through, 187–88

  • South Africa, tax reforms in, 109

  • South African Revenue Service (SARS), 109

  • Sovereign Fund for Strategic Investments (FONSIS), 30, 354

  • Soybean oils, 377

  • Spearman correlation analysis, 39–40

  • Special Consumption Tax, 112n12

  • Special Import Tax, 374–76, 377, 379

  • Squared poverty gap, 82–83

  • Starting a business, 74, 75, 292, 345, 346, 367

  • Structural reforms. See also Macrostructural reforms

    • associated with emergence, 267–78

    • background, 267

    • in business environment, 344–48

    • conclusion, 299–300

    • in economic emergence, 325–33

    • in emerging markets, 265–300

    • growth and debt, 20, 22

    • industrialization and, 58

    • introduction, 265–67

    • key areas for future, 350

    • lessons for Senegal, 278–99

    • PREAC road map and, 349–50

    • to relieve constraints to doing business and promote private investment, 10–12

    • second-generation reforms, 342–43

    • success stories of high sustained growth, 300

  • Stylized facts

    • debt and, 182–84

    • financial inclusion and, 240–44

    • foreign direct investment and business environment in Senegal and, 339–40

    • promoting inclusive growth and, 33

    • public expenditure and, 128

    • public investment and, 164–70

  • Sub-Saharan Africa, 307–20

    • governance in, compared to that in other countries and regions, 311–20

    • growth performance in, 308, 309

    • policymaking in, 308–10

    • reform drive in, 310–11

    • Worldwide Governance Indicators for, 311–20

  • Sugar, 375–76

    • market structure, 375–76

    • policies, 375–76

    • Senegal in world market, 375

    • taxation on, 380

  • Systemic risk, 203–25

    • application to Senegal, 215–18

    • bottom-up holistic approach, 217–18

    • crisis in emerging low-income countries, 219–20

    • cross-sectional risks, 206–13

    • defining and quantifying, 203–4

    • early warning indicators, 214, 216

    • imperfect and incomplete financial stability indicators, 215

    • information and data gaps, 215, 217

    • measuring, 213–14, 216

    • mitigation of, 218–25

    • sectoral balance sheets, 214–15

    • shadow banking, 218

    • time-series risks, 204–5

  • Taxation. See also Personal income tax (PIT); Tax reforms

    • business survey responses on, 364–65

    • on imports, 379, 380

    • paying taxes, 75, 76, 118, 292, 345, 346

    • role of, 362–65

  • Taxe Conjoncturelle à l’Importation (TCI), 374–76, 377, 379

  • Taxe Dégressive de Protection, 374–75

  • Tax reforms, 109–14

    • Argentina, 112–13

    • Korea, 113–14

    • Morocco, 109–10

    • self-reinforcing elements, 115–19

    • social security contributions and health spending in, 119

    • South Africa, 109

    • Turkey, 110–12

    • Uruguay, 114

  • Telecommunications, 12, 45, 51, 280, 289, 326, 337, 339, 359, 388

  • Terminal handling charges, 353

  • Textiles, 25, 48, 49, 50, 58

  • Third generation reforms, 344

  • Three pillars of Plan Sénégal Émergent, 1, 61, 143, 286, 297

  • Time-series risk, 204, 206, 223

  • Time-series risks, 204–5

  • Too-big-to-fail/too-integrated-to-fail banks, 203, 225

  • Tourism, 12, 17, 46, 141, 168, 288, 339, 345, 353, 388

  • Trade liberalization, 56, 71, 73, 271–73, 294, 295

  • Trade policies, 25, 374–79

    • conclusion, 386–88

    • protection and domestic prices, 380–82

    • reform, political economy of, 385–86

    • sugar, 375–76

    • taxation on imports, 379, 380

    • vegetable oils, 376–78

    • welfare effects, 382–85

    • wheat flour and bread, 378–79

  • Trading across borders, 75, 292, 293, 342

  • Transparency International Corruption Index, 268, 338

  • Transportation, 27, 31, 45, 49, 201, 244, 275, 288, 294–95, 328, 338, 359

  • Turkey, tax reforms in, 110–12

  • Unfair competition, 366

  • Union Nationale des Industriels et Commerçants du Sénégal (UNACOIS), 376, 377–78, 386

  • United Nations Capital Development Fund Mobile Banking, 261

  • United Nations Development Programme (UNDP), 327

  • Universal health coverage, 91, 393–94

  • Upper-middle-income countries, 1, 2, 5–7, 65

    • achieving emerging market economy status (See Emerging market economy status, achieving)

    • Doing Business rankings, 292

    • list of, 65, 324

    • Mauritius, 24–26

    • Worldwide Governance Indicators for, 313–16, 314, 315, 316, 319

  • Urban growth, 86–89

  • Uruguay, tax reforms in, 114

  • Value-added tax (VAT), 101, 105, 115

    • agriculture and, 353

    • in Argentina, 112

    • industrial development and trade policies and, 374–75

    • in Morocco, 110

    • in South Africa, 109

    • statutory nominal and effective and, 379, 380

    • on sugar, 376

    • tourism and, 345, 353

    • in Turkey, 111

    • in Uruguay, 114

    • on vegetable oils, 377

    • on wheat flour and bread, 379

  • Value chains, 49, 55, 57, 58, 59, 272, 281, 282, 284, 285, 350, 378–79, 387

  • Variable risk weights, 221

  • Vegetable oils, 376–78

    • market structure, 377

    • policies, 377–78

    • Senegal in world market, 376–77

    • taxation on, 380

  • Voice and accountability, 63, 311–16, 318–20, 324

  • Wastewater system, connection to, 352

  • Water

    • access to clean, 27, 94, 130, 387

    • in Green Morocco Plan, 283, 284

    • for irrigation, 283

    • policy, 283

    • public investment in, 158

    • purification, 12, 394, 397

    • social protection and, 389

    • subsidies, 130, 131, 387

    • wastewater system, 352

    • zones greniers and, 285

  • Watts index, 82–83

  • Welfare effects, competition and, 382–85

  • West African Development Bank, 168, 182

  • West African Economic and Monetary Union (WAEMU), 9, 81, 89–90, 124, 135, 144–47, 159, 160, 165, 184, 190

    • financial inclusion in, 247–50

    • financial stability framework in WAEMU banking union, 197–201

  • West African Monetary Union (WAMU), 257–59

    • account opening, use, and monitoring, 257–58

    • payment operations and mechanisms, 258–59

    • remote banking, 259

  • WFP Bons d’Achat (WFP CV), 92

  • WFP Vouchers for Food Pilot Program, 92

  • Wheat flour. See Flour industry

  • Women’s autonomy, 12, 394, 397

  • World Bank

    • Doing Business, 31, 52, 53, 67, 68, 69, 70, 72, 73, 74, 75, 76, 292–94, 295, 296, 338, 342, 343, 345, 346–47, 348, 361

    • estimates of poverty and inequality in Senegal, 79

    • Global Findex Database, 248–53

    • PovCalNet, 79

  • World Economic Forum, 270, 348

  • World Trade Organization (WTO), 56, 57, 101, 331, 374

  • Worldwide Governance Indicators, 311–20

    • dimensions of, 311, 324

    • overview of, 323–24

    • for Senegal, Sub-Saharan Africa, and upper-middle-income countries, evolution of, 319

    • for Senegal versus high-income OECD countries, evolution of, 320

    • for Sub-Saharan Africa and low-income countries, 312

    • for Sub-Saharan Africa and middle-income countries, 313

    • for Sub-Saharan Africa by income grouping, evolution of, 315

    • for Sub-Saharan Africa by region, evolution of, 317–18

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