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Competitiveness in the CFA Franc Zone
Author:
Mr. Charalambos G Tsangarides
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and
Mr. Gustavo Ramirez
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Series:
IMF Working Papers
Volume/Issue:
Volume 2007: Issue 212
Language:
English
Publication Date:
01 Aug 2007
DOI:
https://doi.org/10.5089/9781451867763.001
ISBN:
9781451867763
ISSN:
1018-5941
Pages:
40
Keywords:
WP; CEMAC; WAEMU; cost; exchange rate
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper reviews the evolution of competitiveness in the CFA franc zone using a proposed comprehensive competitiveness framework. In particular, we examine competitiveness in the WAEMU and CEMAC regions by analyzing the "environment" and "policy" components of competitiveness and their quantifiable determinants, including indicators to measure productivity and labor market conditions, prices and costs, macroeconomic performance, business environment, governance, and technology and infrastructure. Our findings suggest that despite some recent improvements-particularly for the CEMAC-both regions face serious competitiveness challenges when compared to pier groups of countries. In order to become more competitive, raise growth, and improve the quality of life, there is a need for structural reform to improve productivity, reduce factor costs, and create the right business, legal, and political environment to attract economic activity.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund