Front Matter

Front Matter

Author(s):
International Monetary Fund. African Dept.
Published Date:
May 2016
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World Economic and Financial Surveys

Regional Economic Outlook

Sub-Saharan Africa Time for a Policy Reset

APR 16

©2016 International Monetary Fund

Cataloging-in-Publication Data

Regional economic outlook. Sub-Saharan Africa. — Washington, D.C.: International Monetary Fund, 2003–

v. ; cm. — (World economic and financial surveys, 0258-7440)

Began in 2003.

Some issues have thematic titles.

1. Economic forecasting — Africa, Sub-Saharan — Periodicals. 2. Africa, Sub-Saharan — Economic conditions — 1960 — Periodicals. 3. Economic development — Africa, Sub-Saharan — Periodicals. I. Title: Sub-Saharan Africa. II. International Monetary Fund. III. Series: World economic and financial surveys.

HC800.A1 R445

ISBN: 978-1-49838-813-9 (paper)

ISBN: 978-1-47551-987-7 (Web PDF)

The Regional Economic Outlook: Sub-Saharan Africa is published twice a year, in the spring and fall, to review developments in sub-Saharan Africa. Both projections and policy considerations are those of the IMF staff and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Publication orders may be placed online, by fax, or through the mail:

International Monetary Fund, Publication Services

P.O. Box 92780, Washington, DC 20090 (U.S.A.)

Tel.: (202) 623-7430 Telefax: (202) 623-7201

E-mail: publications@imf.org

www.imf.org

www.elibrary.imf.org

Contents

Abbreviations

ATMs

automated teller machines

BCEAO

Central Bank of West African States

BDEAC

La Banque de développement des États de l’Afrique centrale

BLNS

Botswana, Lesotho, Namibia, and Swaziland

CEMAC

Economic and Monetary Community of Central Africa

CFA

currency zone of CEMAC and WAEMU

CPIA

Country Policy and Institutional Assessment

CTOT

commodity terms-of-trade index

EMBIG

Emerging Markets Bond Index Global (JP Morgan)

FD

financeable deficit

FDI

foreign direct investment

FEWS NET

Famine Early Warning Systems Network

GDP

gross domestic product

GMM

generalized method of moments

HIPC

heavily indebted poor countries

IPC

Integrated Food Security Phase Classificaion

LFP

labor force participation

LICs

low-income countries

MFIs

microfinance institutions

NPLs

nonperforming loans

PABs

pan-African banks

RBI

required fiscal improvement

REO

Regional Economic Outlook (IMF)

SACU

Southern African Customs Union

SSA

sub-Saharan Africa

TFP

total factor productivity

USAID

United States Agency for International Development

VAR

vector autoregression

VIX

Chicago Board Options Exchange Volatility Index

WAEMU

West African Economic and Monetary Union

WEO

World Economic Outlook (IMF)

Acknowledgments

This April 2016 issue of the Regional Economic Outlook: Sub-Saharan Africa (REO) was prepared by a team led by Céline Allard under the direction of Abebe Aemro Selassie.

The team included Francisco Arizala, Wenjie Chen, Larry Qiang Cui, Jesus Gonzalez-Garcia, Cleary Haines, Dalia Hakura, Mumtaz Hussain, Ahmat Jidoud, Montfort Mlachila, Bhaswar Mukhopadhyay, Monique Newiak, Marco Pani, Bozena Radzewicz-Bak, Misa Takebe, Tim Willems, Yanmin Ye, Mustafa Yenice, and Jiayi Zhang.

Specific contributions were made by Aidar Abdychev, Corinne Delechat, Geremia Palomba, and Fan Yang.

Natasha Minges was responsible for document production, with production assistance from Charlotte Vazquez. The editing and production were overseen by Joanne Creary Johnson of the Communications Department.

The following conventions are used in this publication:

  • In tables, a blank cell indicates “not applicable,” ellipsis points (…) indicate “not available,” and 0 or 0.0 indicates “zero” or “negligible.” Minor discrepancies between sums of constituent figures and totals are due to rounding.

  • An en dash (–) between years or months (for example, 2009–10 or January–June) indicates the years or months covered, including the beginning and ending years or months; a slash or virgule (/) between years or months (for example, 2005/06) indicates a fiscal or financial year, as does the abbreviation FY (for example, FY2006).

  • “Billion” means a thousand million; “trillion” means a thousand billion.

  • “Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

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