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Growth in Africa Under Peace and Market Reforms
Author:
Ms. Olessia Korbut
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,
Mr. Gonzalo Salinas
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, and
Cheikh A. Gueye
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Series:
IMF Working Papers
Volume/Issue:
Volume 2011: Issue 040
Language:
English
Publication Date:
01 Feb 2011
DOI:
https://doi.org/10.5089/9781455217861.001
ISBN:
9781455217861
ISSN:
1018-5941
Pages:
29
Keywords:
WP; country; liberalization; state interventionism; growth; Africa; structural adjustment; SSA country; liberalization program; SSA economy; natural resource; Natural resources; Personal income; Comparative advantage; Exports; East Asia; South Asia
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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Economic stagnation in Sub-Saharan Africa (SSA) has led several economists to question the region’s ability to attain sustained economic growth, some of them arguing for the need to shift away from natural resource - based exports. Yet, we find that low growth has not been common to all SSA countries and that those that achieved political stability and significantly liberalized their economies experienced high growth in income per capita, as high as ASEAN-5 countries. This group of SSA countries attained high growth while maintaining their specialization in natural resource exports. Our analysis also rejects the hypothesis of reverse causality: that good growth performance allowed countries to attain political stability or liberalize their economies.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund