Abstract

This year looks set to be another encouraging one for most sub-Saharan African economies. Reflecting mainly strong demand but also elevated commodity prices, the region's economy is set to expand by more than 5¼ percent in 2011. For 2012, the IMF staff's baseline projection is for growth to be higher at 5¾ percent, owing to one-off boosts to production in a number of countries. There are, however, specters at the feast: the increase in global food and fuel prices, amplified by drought affecting parts of the region, has hit the budgets of the poor and sparked rising inflation, and hesitations in the global recovery threaten to weaken export and growth prospects. The projection for 2012 for the region is highly contingent on global economic growth being sustained at about 4 percent. A further slowing of growth in advanced economies, curtailing global demand, would generate significant headwinds for the region's ongoing expansion, with more globally integrated countries likely to be most affected. Policies in the coming months need to tread a fine line between addressing the challenges that strong growth and recent exogenous shocks have engendered and warding off the adverse effects of another global downturn. In some slower-growing, mostly middle-income countries without binding financial constraints, policies should clearly remain supportive of output growth, even more so if global growth sputters. Provided the global economy experiences the currently predicted slow and steady growth, most of the region's low-income countries should focus squarely on medium-term considerations in setting fiscal policy while tightening monetary policy wherever nonfood inflation has climbed above single digits. In the event of a global downturn, subject to financing constraints, policies in these countries should focus on maintaining planned spending initiatives, while allowing automatic stabilizers to operate on the revenue side. For the region's oil exporters, better terms of trade provide a good opportunity to build up policy buffers against further price volatility.

References

  • African Center for Economic Transformation (ACET), 2009, Looking East: China’s Engagemnts with Africa: Benefits and Key Challenges (Accra, Ghana: African Center for Economic Transformation).

    • Search Google Scholar
    • Export Citation
  • Anand, Rahul, Saurabh Mishra, and Nicola Spatafora, forthcoming, “Economic Growth and the Sophistication of Production in Sub-Saharan Africa” (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Arora, Vivek, and Athanasios Vamvakidis, 2005, “How Much Do Trading Partners Matter for Economic Growth?IMF Staff Papers, Vol. 52, No. 1, pp. 2440.

    • Search Google Scholar
    • Export Citation
  • Baah, Anthony, and Herbert Jauch, eds., 2009, Chinese Investments in Africa: A Labour Perspective (Windhoek, Namibia: African Labor Research Network).

    • Search Google Scholar
    • Export Citation
  • Besley, Timothy, and Louise Cord, 2007, Delivering on the Promise of Pro-poor Growth: Insights and Lessons from Country Experiences (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Bergstrand, Jeffrey H., 1985, “The Gravity Equation in International Trade: Some Microeconomic Foundations and Empirical Evidence,Review of Economics and Statistics, Vol. 67 (August), 47481.

    • Search Google Scholar
    • Export Citation
  • Blalock, Garrick, and Paul J. Gertler, 2004, “Learning from Exporting Revisited in a Less Developed Setting,” Journal of Development Economics, Vol. 75, No. 2, pp. 397416.

    • Search Google Scholar
    • Export Citation
  • Bourguignon, François, 2003, “The Growth Elasticity of Poverty Reduction: Explaining Heterogeneity across Countries and Time Periods,Working Paper No. 28104 (Cambridge, Massachusetts: Massachussetts Institute of Technology).

    • Search Google Scholar
    • Export Citation
  • Brautigam, Deborah T., Thomas Farole, and Xiaoyang Tang, 2010, China’s Investment in African Special Economic Zones: Prospects, Challenges, and Opportunities, World Bank Economic Premise No. 5 (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Brautigam, Deborah T., Thomas Farole, and Xiaoyang Tang, 2011, “African Shenzhen: China’s Special Economic Zones in Africa,” Journal of Modern African Studies, Vol. 49, No. 1, pp. 2754.

    • Search Google Scholar
    • Export Citation
  • Broadman, Harry G., 2006, Africa’s Silk Road—China and India’s New Economic Frontier (Washington: World Bank).

  • Buys, Piet, Uwe Deichmann, and David Wheeler, 2010, “Road Network Upgrading and Overland Trade Expansion in Sub-Saharan Africa,Journal of African Economies, Vol. 19, No. 3, pp. 399432.

    • Search Google Scholar
    • Export Citation
  • Center for Chinese Studies, 2006, “China’s Interest and Activity in Africa’s Construction and Infrastructure Sectors” (Stellenbosch, South Africa: University of Stellenbosch).

    • Search Google Scholar
    • Export Citation
  • Center for Chinese Studies, 2010, “Evaluating China’s FOCAC Commitments to Africa and Mapping the Way Ahead,Forum on China-Africa Cooperation (Stellenbosch, South Africa: University of Stellenbosch).

    • Search Google Scholar
    • Export Citation
  • China’s State Council Information Office, 2010, China-Africa Economic and Trade Cooperation (Beijing).

  • Clerides, Sofronis, Saul Lach, and James R. Tybout, 1996, “Is ‘Learning-by-Exporting’ Important? Micro-dynamic Evidence from Colombia, Mexico and Morocco,NBER Working Paper 5715 (Cambridge, Massachusetts: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Coe, David T., Il Houng Lee, Wafa F. Abdelati, Damien Eastman, Robert Hagemann, Sumio Ishikawa, Alejandro Lopez-Mejfa, Srobona Mitra, Sonia Munoz, Koji Nakamura, Nadia Renda, and Sibel Yelten, 2006, “Cambodia: Rebuilding for a Challenging Future,Special Issues Paper No. 118 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Costa, Dora L., 2001, “Estimating Real Income in the United States from 1888 to 1994: Correcting CPI Bias Using Engel Curves,Journal of Political Economy, Vol. 109, No. 6, pp. 1288310.

    • Search Google Scholar
    • Export Citation
  • de Carvalho Filho, Irineu, and Marcos Chamon, 2011, “The Myth of Post-reform Income Stagnation in Brazil,MPRA Paper No. 28532 (Munich: Munich Personal RePec Archive).

    • Search Google Scholar
    • Export Citation
  • De Feranti, David, Daniel Lederman, William F. Maloney, and Guillermo E. Perry, 2002, From Natural Resources to the Knowledge Economy: Trade and Job Quality (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Deaton, Angus, and John Muellbauer, 1980, “An Almost Ideal Demand System,American Economic Review, Vol. 70, No. 3, pp. 31226.

  • Deaton, Angus, and John Muellbauer, 2010, “Price Indexes, Inequality, and the Measurement of World Poverty,American Economic Review, Vol. 100, No. 1, pp. 534.

    • Search Google Scholar
    • Export Citation
  • Dollar, David, and Aart Kraay, 2002, “Growth Is Good for the Poor,Journal of Economic Growth, Vol. 7, No. 3, pp. 195225.

  • Drummond, Paulo, and Gustavo Ramirez, 2009, “Spillovers from the Rest of the World into Sub-Saharan African Countries,Working Paper 09/155 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Eicher, Theo S., and Stephen J. Turnovsky, eds., 2003, Inequality and Growth: Theory and Policy Implications (Cambridge, Massachusetts: MIT Press).

    • Search Google Scholar
    • Export Citation
  • Farole, Thomas, 2011, Special Economic Zones in Africa: Comparing Performance and Learning from Global Experiences (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Feenstra, Robert C., James R. Marcusen, and Andrew K. Rose, 2001, “Using the Gravity Equation to Differentiate among Alternative Theories of Trade,Canadian Journal of Economics, Vol. 34, No. 2, pp. 43047.

    • Search Google Scholar
    • Export Citation
  • Foster, Vivien, William Butterfield, Chuan Chen, and Nataliya Pushak, 2008, Building Bridges—China’s Growing Role as Infrastructure Financier for Africa, World Bank Trends and Policy Options—Infrastructure No. 5 (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Fosu, Augustin, 2011, “Growth, Inequality and Poverty Reduction in Developing Countries: Recent Global Evidence,United Nations University-World Institute for Development Economics Research (UNU-WIDER) Working Paper 2011/01 (Helsinki: UNU-WIDER).

    • Search Google Scholar
    • Export Citation
  • Fox, Louise, and Melissa Sekkel Gaal, 2008, Working Out of Poverty: Job Creation and the Quality of Growth in Africa (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Gibson, John, Steven Stillman, and Trinh Le, 2008, “CPI Bias and Real Living Standards in Russia during the Transition,” Journal of Development Economics, Vol. 87, No. 1, pp. 14060.

    • Search Google Scholar
    • Export Citation
  • Giovannetti, Giorgia, and Marco Sanfilippo, 2009, “Do Chinese Exports Crowd-Out African Goods? An Econometric Analysis by Country and Sector, European Journal of Development Research, Vol. 24, No. 1, pp. 50630.

    • Search Google Scholar
    • Export Citation
  • Goldstein, Andrea, Nicolas Pinaud, Helmut Reisen, and Xiaobao Chen, 2006, The Rise of China and India—What’s in It for Africa? (Paris: Organization for Economic Cooperation and Development).

    • Search Google Scholar
    • Export Citation
  • Gu, Jing, 2009, “China’s Private Enterprises in Africa and the Implications for African Development,European Journal of Development Research, Vol. 21, No. 4, pp. 57087.

    • Search Google Scholar
    • Export Citation
  • Hamilton, Bruce W., 2001, “Using Engel’s Law to Estimate CPI Bias,” American Economic Review, Vol. 91, No. 3, pp. 61930.

  • Hausmann, Ricardo, Jason Hwang, and Dani Rodrik, 2007, “What You Export Matters,” Journal of Economic Growth, Vol. 12, No. 1, pp. 125.

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund (IMF), 2006, Cambodia: Rebuilding for a Challenging Future (Washington: International Monetary Fund).

  • International Monetary Fund (IMF), 2010, World Economic Outlook, World Economic and Financial Surveys (Washington, October).

  • International Monetary Fund (IMF), 2011, New Growth Drivers for Low-Income Countries: The Role of BRICs (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Kenny, Charles, 2011, Getting Better: Why Global Development Is Succeeding—And How We Can Improve the World Even More (New York: Basic Books).

    • Search Google Scholar
    • Export Citation
  • Klump, Rainer, and Thomas Bonschab, 2005, ”Operationalising Pro-poor Growth: A Country Case Study on Vietnam,Working Paper (Eschborn, Germany: Deutsche Gesellschaft fur Technische Zusammenarbeit [GTZ]).

    • Search Google Scholar
    • Export Citation
  • Kraay, Aart, 2002, Exports and Economic Performance: Evidence from a Panel of Chinese Enterprises (Washington: World Bank).

  • Kraay, Aart, 2006, “When Is Growth Pro-poor? Evidence from a Panel of Countries,Journal of Development Economics, Vol. 80, No. 1, pp. 198227.

    • Search Google Scholar
    • Export Citation
  • Lin, Justin Y., 1992, “Rural Reforms and Agricultural Growth in China,American Economic Review, Vol. 82, No. 1, pp. 3451.

  • Loayza, Norman V., and Viktoria V. Hnatkovska, Volatility and Growth,World Bank Policy Research Working Paper No. 3184 (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Mlachila, Montfort, and Misa Takebe, 2011, “FDI from BRICs to LICs—New Growth Driver?IMF Working Paper 11/178 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Nakamura, Leonard, 1997, “Is the U.S. Economy Really Growing Too Slowly? Maybe We’re Measuring Growth Wrong,” Federal Reserve Bank of Philadelphia Business Review, MarchApril, pp. 314.

    • Search Google Scholar
    • Export Citation
  • New Partnership for Africa’s Development (NEPAD), 2010, “Economic Diversification in Africa—A Review of Selected Countries” (New York: United Nations Office of the Special Adviser on Africa and NEPAD-OECD Africa Investment Initiative).

    • Search Google Scholar
    • Export Citation
  • Organization for Economic Cooperation and Development (OECD), 2010, Perspectives on Global Development 2010—Shifting Wealth (Paris: Organization for Economic Cooperation and Development).

    • Search Google Scholar
    • Export Citation
  • Organization for Economic Cooperation and Development (OECD), African Development Bank (AfDB), United Nations Economic Commission for Africa (UNECA), and United Nations Development Program (UNDP), 2011, African Economic Outlook 2001: Africa and Its Emerging Partners (France: African Economic Outlook).

    • Search Google Scholar
    • Export Citation
  • Ravallion, Martin, 2004, “Pro-poor Growth: A Primer,Policy Research Working Paper No. 3242 (Washington: World Bank).

  • Ravallion, Martin, 2009, “Are There Lessons for Africa from China’s Success against Poverty?World Development, Vol. 37, No. 2, pp. 30313.

    • Search Google Scholar
    • Export Citation
  • Renard, Mary-Francoise, ed., “China and Its Regions: Economic Growth and Reform in Chinese Provinces” (Cheltenham, United Kingdom and Northampton, Massachusetts: New Horizons in International Business, Elgar), pp. 27899.

    • Search Google Scholar
    • Export Citation
  • Riad, Nagwa, and Yongzheng Yang, forthcoming, “LIC-BRIC Trade Linkages: Trends and Implications for Growth,Working Paper (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Roache, Shaun K., forthcoming, “China’s Impact on World Commodity Markets,Working Paper (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Sachs, Jeffrey D., and Andrew M. Warner, 1995, “Natural Resource Abundance and Economic Growth,NBER Working Paper 5398 (Cambridge, Massachusetts: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Sala-i-Martin, Xavier, and Maxim Pinkovskiy, 2010, “African Poverty Is Falling . . . Much Faster Than You Think!NBER Working Paper 15775 (Cambridge, Massachusetts: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Santos Silva, Joao M. C., and Silvana Tenreyro, 2006, “The Log of Gravity,Review of Economics and Statistics, Vol. 88, No. 4, pp. 64158.

    • Search Google Scholar
    • Export Citation
  • Teal, Francis, 2011, Structural Transformation, Employment Creation, and Labor Markets: The Implications for Poverty Reduction in Sub-Saharan Africa (Oxford: University of Oxford, Centre for the Study of African Economies).

    • Search Google Scholar
    • Export Citation
  • United Nations Conference on Trade and Development (UNCTAD), 2010, Economic Development in Africa Report 2010—South-South Cooperation: Africa and the New Forms of Development Partnership (New York and Geneva: United Nations).

    • Search Google Scholar
    • Export Citation
  • United Nations Development Program (UNDP), 2006, Asian Foreign Direct Investment in Africa—Towards a New Era of Cooperation among Developing Countries (New York and Geneva: United Nations).

    • Search Google Scholar
    • Export Citation
  • United Nations Development Program (UNDP), 2010, Annual Report of the Administrator on the Strategic Plan: Performance and Results for 2009 (Geneva: United Nations).

    • Search Google Scholar
    • Export Citation
  • United Nations Industrial Development Organization (UNIDO), 2007, Understanding the Contributions of Different Investor Categories to Development—Implications for Targeting Strategies, 2nd ed. (Vienna: United Nations).

    • Search Google Scholar
    • Export Citation
  • United Nations, Office of the Special Adviser on Africa, 2009, Africa’s Cooperation with New and Emerging Development Partners: Options for Africa’s Development (New York: United Nations).

    • Search Google Scholar
    • Export Citation
  • Vietnam Ministry of Planning and Investment and United Nations Development Program, 2010, Getting to Work, Labour Market, Employment and Urbanization in Viet Nam to 2020: Learning from International Experiences (Hanoi, Vietnam:United Nations Development Program).

    • Search Google Scholar
    • Export Citation
  • World Bank, 2007, World Development Report 2008: Agriculture for Development (Washington: World Bank).

  • World Bank, 2008, “Cambodia’s Labor Market and Employment,Cambodia Country Economic Memorandum, Background paper prepared by the Economic Institute of Cambodia (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • World Bank, 2010, Africa’s Future and the World Bank’s Role in it (Washington: World Bank)

  • Yang, Yongzheng, forthcoming, “Global Rebalancing: Implications for Low-Income Countries,” Working Paper (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Young, Alwyn, 2010, “The African Growth Miracle” (unpublished; London: London School of Economics, Department of Economics).

Publications of the IMF African Department, 2009–11

article image
article image
article image
article image
article image
article image
article image
article image
  • African Center for Economic Transformation (ACET), 2009, Looking East: China’s Engagemnts with Africa: Benefits and Key Challenges (Accra, Ghana: African Center for Economic Transformation).

    • Search Google Scholar
    • Export Citation
  • Anand, Rahul, Saurabh Mishra, and Nicola Spatafora, forthcoming, “Economic Growth and the Sophistication of Production in Sub-Saharan Africa” (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Arora, Vivek, and Athanasios Vamvakidis, 2005, “How Much Do Trading Partners Matter for Economic Growth?IMF Staff Papers, Vol. 52, No. 1, pp. 2440.

    • Search Google Scholar
    • Export Citation
  • Baah, Anthony, and Herbert Jauch, eds., 2009, Chinese Investments in Africa: A Labour Perspective (Windhoek, Namibia: African Labor Research Network).

    • Search Google Scholar
    • Export Citation
  • Besley, Timothy, and Louise Cord, 2007, Delivering on the Promise of Pro-poor Growth: Insights and Lessons from Country Experiences (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Bergstrand, Jeffrey H., 1985, “The Gravity Equation in International Trade: Some Microeconomic Foundations and Empirical Evidence,Review of Economics and Statistics, Vol. 67 (August), 47481.

    • Search Google Scholar
    • Export Citation
  • Blalock, Garrick, and Paul J. Gertler, 2004, “Learning from Exporting Revisited in a Less Developed Setting,” Journal of Development Economics, Vol. 75, No. 2, pp. 397416.

    • Search Google Scholar
    • Export Citation
  • Bourguignon, François, 2003, “The Growth Elasticity of Poverty Reduction: Explaining Heterogeneity across Countries and Time Periods,Working Paper No. 28104 (Cambridge, Massachusetts: Massachussetts Institute of Technology).

    • Search Google Scholar
    • Export Citation
  • Brautigam, Deborah T., Thomas Farole, and Xiaoyang Tang, 2010, China’s Investment in African Special Economic Zones: Prospects, Challenges, and Opportunities, World Bank Economic Premise No. 5 (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Brautigam, Deborah T., Thomas Farole, and Xiaoyang Tang, 2011, “African Shenzhen: China’s Special Economic Zones in Africa,” Journal of Modern African Studies, Vol. 49, No. 1, pp. 2754.

    • Search Google Scholar
    • Export Citation
  • Broadman, Harry G., 2006, Africa’s Silk Road—China and India’s New Economic Frontier (Washington: World Bank).

  • Buys, Piet, Uwe Deichmann, and David Wheeler, 2010, “Road Network Upgrading and Overland Trade Expansion in Sub-Saharan Africa,Journal of African Economies, Vol. 19, No. 3, pp. 399432.

    • Search Google Scholar
    • Export Citation
  • Center for Chinese Studies, 2006, “China’s Interest and Activity in Africa’s Construction and Infrastructure Sectors” (Stellenbosch, South Africa: University of Stellenbosch).

    • Search Google Scholar
    • Export Citation
  • Center for Chinese Studies, 2010, “Evaluating China’s FOCAC Commitments to Africa and Mapping the Way Ahead,Forum on China-Africa Cooperation (Stellenbosch, South Africa: University of Stellenbosch).

    • Search Google Scholar
    • Export Citation
  • China’s State Council Information Office, 2010, China-Africa Economic and Trade Cooperation (Beijing).

  • Clerides, Sofronis, Saul Lach, and James R. Tybout, 1996, “Is ‘Learning-by-Exporting’ Important? Micro-dynamic Evidence from Colombia, Mexico and Morocco,NBER Working Paper 5715 (Cambridge, Massachusetts: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Coe, David T., Il Houng Lee, Wafa F. Abdelati, Damien Eastman, Robert Hagemann, Sumio Ishikawa, Alejandro Lopez-Mejfa, Srobona Mitra, Sonia Munoz, Koji Nakamura, Nadia Renda, and Sibel Yelten, 2006, “Cambodia: Rebuilding for a Challenging Future,Special Issues Paper No. 118 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Costa, Dora L., 2001, “Estimating Real Income in the United States from 1888 to 1994: Correcting CPI Bias Using Engel Curves,Journal of Political Economy, Vol. 109, No. 6, pp. 1288310.

    • Search Google Scholar
    • Export Citation
  • de Carvalho Filho, Irineu, and Marcos Chamon, 2011, “The Myth of Post-reform Income Stagnation in Brazil,MPRA Paper No. 28532 (Munich: Munich Personal RePec Archive).

    • Search Google Scholar
    • Export Citation
  • De Feranti, David, Daniel Lederman, William F. Maloney, and Guillermo E. Perry, 2002, From Natural Resources to the Knowledge Economy: Trade and Job Quality (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Deaton, Angus, and John Muellbauer, 1980, “An Almost Ideal Demand System,American Economic Review, Vol. 70, No. 3, pp. 31226.

  • Deaton, Angus, and John Muellbauer, 2010, “Price Indexes, Inequality, and the Measurement of World Poverty,American Economic Review, Vol. 100, No. 1, pp. 534.

    • Search Google Scholar
    • Export Citation
  • Dollar, David, and Aart Kraay, 2002, “Growth Is Good for the Poor,Journal of Economic Growth, Vol. 7, No. 3, pp. 195225.

  • Drummond, Paulo, and Gustavo Ramirez, 2009, “Spillovers from the Rest of the World into Sub-Saharan African Countries,Working Paper 09/155 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Eicher, Theo S., and Stephen J. Turnovsky, eds., 2003, Inequality and Growth: Theory and Policy Implications (Cambridge, Massachusetts: MIT Press).

    • Search Google Scholar
    • Export Citation
  • Farole, Thomas, 2011, Special Economic Zones in Africa: Comparing Performance and Learning from Global Experiences (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Feenstra, Robert C., James R. Marcusen, and Andrew K. Rose, 2001, “Using the Gravity Equation to Differentiate among Alternative Theories of Trade,Canadian Journal of Economics, Vol. 34, No. 2, pp. 43047.

    • Search Google Scholar
    • Export Citation
  • Foster, Vivien, William Butterfield, Chuan Chen, and Nataliya Pushak, 2008, Building Bridges—China’s Growing Role as Infrastructure Financier for Africa, World Bank Trends and Policy Options—Infrastructure No. 5 (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Fosu, Augustin, 2011, “Growth, Inequality and Poverty Reduction in Developing Countries: Recent Global Evidence,United Nations University-World Institute for Development Economics Research (UNU-WIDER) Working Paper 2011/01 (Helsinki: UNU-WIDER).

    • Search Google Scholar
    • Export Citation
  • Fox, Louise, and Melissa Sekkel Gaal, 2008, Working Out of Poverty: Job Creation and the Quality of Growth in Africa (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Gibson, John, Steven Stillman, and Trinh Le, 2008, “CPI Bias and Real Living Standards in Russia during the Transition,” Journal of Development Economics, Vol. 87, No. 1, pp. 14060.

    • Search Google Scholar
    • Export Citation
  • Giovannetti, Giorgia, and Marco Sanfilippo, 2009, “Do Chinese Exports Crowd-Out African Goods? An Econometric Analysis by Country and Sector, European Journal of Development Research, Vol. 24, No. 1, pp. 50630.

    • Search Google Scholar
    • Export Citation
  • Goldstein, Andrea, Nicolas Pinaud, Helmut Reisen, and Xiaobao Chen, 2006, The Rise of China and India—What’s in It for Africa? (Paris: Organization for Economic Cooperation and Development).

    • Search Google Scholar
    • Export Citation
  • Gu, Jing, 2009, “China’s Private Enterprises in Africa and the Implications for African Development,European Journal of Development Research, Vol. 21, No. 4, pp. 57087.

    • Search Google Scholar
    • Export Citation
  • Hamilton, Bruce W., 2001, “Using Engel’s Law to Estimate CPI Bias,” American Economic Review, Vol. 91, No. 3, pp. 61930.

  • Hausmann, Ricardo, Jason Hwang, and Dani Rodrik, 2007, “What You Export Matters,” Journal of Economic Growth, Vol. 12, No. 1, pp. 125.

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund (IMF), 2006, Cambodia: Rebuilding for a Challenging Future (Washington: International Monetary Fund).

  • International Monetary Fund (IMF), 2010, World Economic Outlook, World Economic and Financial Surveys (Washington, October).

  • International Monetary Fund (IMF), 2011, New Growth Drivers for Low-Income Countries: The Role of BRICs (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Kenny, Charles, 2011, Getting Better: Why Global Development Is Succeeding—And How We Can Improve the World Even More (New York: Basic Books).

    • Search Google Scholar
    • Export Citation
  • Klump, Rainer, and Thomas Bonschab, 2005, ”Operationalising Pro-poor Growth: A Country Case Study on Vietnam,Working Paper (Eschborn, Germany: Deutsche Gesellschaft fur Technische Zusammenarbeit [GTZ]).

    • Search Google Scholar
    • Export Citation
  • Kraay, Aart, 2002, Exports and Economic Performance: Evidence from a Panel of Chinese Enterprises (Washington: World Bank).

  • Kraay, Aart, 2006, “When Is Growth Pro-poor? Evidence from a Panel of Countries,Journal of Development Economics, Vol. 80, No. 1, pp. 198227.

    • Search Google Scholar
    • Export Citation
  • Lin, Justin Y., 1992, “Rural Reforms and Agricultural Growth in China,American Economic Review, Vol. 82, No. 1, pp. 3451.

  • Loayza, Norman V., and Viktoria V. Hnatkovska, Volatility and Growth,World Bank Policy Research Working Paper No. 3184 (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Mlachila, Montfort, and Misa Takebe, 2011, “FDI from BRICs to LICs—New Growth Driver?IMF Working Paper 11/178 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Nakamura, Leonard, 1997, “Is the U.S. Economy Really Growing Too Slowly? Maybe We’re Measuring Growth Wrong,” Federal Reserve Bank of Philadelphia Business Review, MarchApril, pp. 314.

    • Search Google Scholar
    • Export Citation
  • New Partnership for Africa’s Development (NEPAD), 2010, “Economic Diversification in Africa—A Review of Selected Countries” (New York: United Nations Office of the Special Adviser on Africa and NEPAD-OECD Africa Investment Initiative).

    • Search Google Scholar
    • Export Citation
  • Organization for Economic Cooperation and Development (OECD), 2010, Perspectives on Global Development 2010—Shifting Wealth (Paris: Organization for Economic Cooperation and Development).

    • Search Google Scholar
    • Export Citation
  • Organization for Economic Cooperation and Development (OECD), African Development Bank (AfDB), United Nations Economic Commission for Africa (UNECA), and United Nations Development Program (UNDP), 2011, African Economic Outlook 2001: Africa and Its Emerging Partners (France: African Economic Outlook).

    • Search Google Scholar
    • Export Citation
  • Ravallion, Martin, 2004, “Pro-poor Growth: A Primer,Policy Research Working Paper No. 3242 (Washington: World Bank).

  • Ravallion, Martin, 2009, “Are There Lessons for Africa from China’s Success against Poverty?World Development, Vol. 37, No. 2, pp. 30313.

    • Search Google Scholar
    • Export Citation
  • Renard, Mary-Francoise, ed., “China and Its Regions: Economic Growth and Reform in Chinese Provinces” (Cheltenham, United Kingdom and Northampton, Massachusetts: New Horizons in International Business, Elgar), pp. 27899.

    • Search Google Scholar
    • Export Citation
  • Riad, Nagwa, and Yongzheng Yang, forthcoming, “LIC-BRIC Trade Linkages: Trends and Implications for Growth,Working Paper (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Roache, Shaun K., forthcoming, “China’s Impact on World Commodity Markets,Working Paper (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Sachs, Jeffrey D., and Andrew M. Warner, 1995, “Natural Resource Abundance and Economic Growth,NBER Working Paper 5398 (Cambridge, Massachusetts: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Sala-i-Martin, Xavier, and Maxim Pinkovskiy, 2010, “African Poverty Is Falling . . . Much Faster Than You Think!NBER Working Paper 15775 (Cambridge, Massachusetts: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Santos Silva, Joao M. C., and Silvana Tenreyro, 2006, “The Log of Gravity,Review of Economics and Statistics, Vol. 88, No. 4, pp. 64158.

    • Search Google Scholar
    • Export Citation
  • Teal, Francis, 2011, Structural Transformation, Employment Creation, and Labor Markets: The Implications for Poverty Reduction in Sub-Saharan Africa (Oxford: University of Oxford, Centre for the Study of African Economies).

    • Search Google Scholar
    • Export Citation
  • United Nations Conference on Trade and Development (UNCTAD), 2010, Economic Development in Africa Report 2010—South-South Cooperation: Africa and the New Forms of Development Partnership (New York and Geneva: United Nations).

    • Search Google Scholar
    • Export Citation
  • United Nations Development Program (UNDP), 2006, Asian Foreign Direct Investment in Africa—Towards a New Era of Cooperation among Developing Countries (New York and Geneva: United Nations).

    • Search Google Scholar
    • Export Citation
  • United Nations Development Program (UNDP), 2010, Annual Report of the Administrator on the Strategic Plan: Performance and Results for 2009 (Geneva: United Nations).

    • Search Google Scholar
    • Export Citation
  • United Nations Industrial Development Organization (UNIDO), 2007, Understanding the Contributions of Different Investor Categories to Development—Implications for Targeting Strategies, 2nd ed. (Vienna: United Nations).

    • Search Google Scholar
    • Export Citation
  • United Nations, Office of the Special Adviser on Africa, 2009, Africa’s Cooperation with New and Emerging Development Partners: Options for Africa’s Development (New York: United Nations).

    • Search Google Scholar
    • Export Citation
  • Vietnam Ministry of Planning and Investment and United Nations Development Program, 2010, Getting to Work, Labour Market, Employment and Urbanization in Viet Nam to 2020: Learning from International Experiences (Hanoi, Vietnam:United Nations Development Program).

    • Search Google Scholar
    • Export Citation
  • World Bank, 2007, World Development Report 2008: Agriculture for Development (Washington: World Bank).

  • World Bank, 2008, “Cambodia’s Labor Market and Employment,Cambodia Country Economic Memorandum, Background paper prepared by the Economic Institute of Cambodia (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • World Bank, 2010, Africa’s Future and the World Bank’s Role in it (Washington: World Bank)

  • Yang, Yongzheng, forthcoming, “Global Rebalancing: Implications for Low-Income Countries,” Working Paper (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Young, Alwyn, 2010, “The African Growth Miracle” (unpublished; London: London School of Economics, Department of Economics).