Front Matter

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Author(s):
International Monetary Fund. African Dept.
Published Date:
April 2019
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World Economic and Financial Surveys

Regional Economic Outlook

Sub-Saharan Africa

Recovery Amid Elevated Uncertainty

APR 19

INTERNATIONAL MONETARY FUND

©2019 International Monetary Fund

Cataloging-in-Publication Data

Names: International Monetary Fund, publisher.

Title: Regional economic outlook. Sub-Saharan Africa : recovery amid elevated uncertainty.

Other titles: Sub-Saharan Africa : recovery amid elevated uncertainty. | World economic and financial surveys.

Description: Washington, DC : International Monetary Fund, 2019. | Apr. 2019. | Includes bibliographical references.

Identifiers: ISBN 9781484396865 (paper)

ISBN: 9781498304139 (Web PDF)

Subjects: LCSH: Africa, Sub-Saharan—Economic conditions. | Economic development—Africa, Sub-Saharan. | Economic forecasting—Africa, Sub-Saharan.

Classification: LCC HC800 .S83 2019

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 Fax: (202) 623–7201

E-mail : publications@imf.org

www.imf.org

www.elibrary.imf.org

Contents

Abbreviations

AfCFTA

African Continental Free Trade Area

AfDB

African Development Bank

AMU

Arab Maghreb Union

ASEAN

Association of Southeast Asian Nations

CEMAC

Central African Economic and Monetary Community

CBR

correspondent banking relationship

CGE

computable general equilibrium

COMESA

Common Market for Eastern and Southern Africa

CPI

consumer price index

GDP

gross domestic product

ECOWAS

Economic Community of West African States

EPU

economic policy uncertainty

HIPC

Heavily Indebted Poor Country

ICRG

International Country Risk Guide

IDPs

internally displaced persons

IFRS 9

International Financial Reporting Standard 9

IMF

International Monetary Fund

LAIA

Latin American Integration Association

MDRI

Multilateral Debt Relief Initiative

MENA

Middle East and North Africa

NAFTA

North American Free Trade Agreement

NEER

nominal effective exchange rate

NPLs

nonperforming loans

PAFTA

Pan-Arab Free Trade Area

PRGT

Poverty Reduction and Growth Trust

RECs

Regional Economic Communities

REO

Regional Economic Outlook (IMF)

SACU

Southern African Customs Union

SADC

Southern African Development Community

SOEs

state-owned enterprises

SSA

Sub-Saharan Africa

UN

United Nations

UNCTAD

United Nations Conference on Trade and Development

US

United States

VAT

value-added tax

WAEMU

West African Economic and Monetary Union

WEO

World Economic Outlook (IMF)

WTO

World Trade Organization

List of Country Abbreviations:

DZA

Algeria

AGO

Angola

BEN

Benin

BWA

Botswana

BFA

Burkina Faso

BDI

Burundi

CPV

Cabo Verde

CMR

Cameroon

CAF

Central African Rep.

TCD

Chad

COM

Comoros

COD

Congo, Dem. Republic of

COG

Congo, Republic of

CIV

Côte d’Ivoire

DJI

Djibouti

EGY

Egypt

GNQ

Equatorial Guinea

ERI

Eritrea

SWZ

Eswatini

ETH

Ethiopia

FRA

France

GAB

Gabon

GMB

Gambia, The

DEU

Germany

GHA

Ghana

GIN

Guinea

GNB

Guinea-Bissau

ITA

Italy

KEN

Kenya

LSO

Lesotho

LBR

Liberia

LBY

Libya

MDG

Madagascar

MWI

Malawi

MLI

Mali

MRT

Mauritania

MUS

Mauritius

MAR

Morocco

MOZ

Mozambique

NAM

Namibia

NER

Niger

NGA

Nigeria

RWA

Rwanda

STP

São Tomé & Príncipe

SEN

Senegal

SLE

Sierra Leone

SOM

Somalia

ZAF

South Africa

SSD

South Sudan

SDN

Sudan

TZA

Tanzania

TGO

Togo

TUN

Tunisia

UGA

Uganda

ZMB

Zambia

ZWE

Zimbabwe

Acknowledgments

The April 2019 issue of the Regional Economic Outlook: Sub-Saharan Africa (REO) was prepared by a team led by Papa N’Diaye under the direction of Anne-Marie Gulde-Wolf.

The team included Reda Cherif, Seung Mo Choi, Hilary Devine, Xiangming Fang, Jesus Gonzalez-Garcia, Cleary Haines, Salifou Issoufou, Lisa Kolovich, Siddharth Kothari, Russell Green, Andresa Lagerborg, Tomas McGregor, Cameron McLoughlin, Miguel Pereira Mendes, Nkunde Mwase, Monique Newiak, Rasmane Ouedraogo, Geremia Palomba, Adrian Peralta-Alva, Mahvash S. Qureshi, Amadou Sy, Brooke Tenison, Bruno Versailles, Jason Weiss, Torsten Wezel, Jiaxiong Yao, Mustafa Yenice, and Yunhui Zhao.

Charlotte Vazquez was responsible for document production, with assistance from Krisztina Fabo. The editing and production were overseen by Linda Long 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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