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The Quest for Higher Growth in the WAEMU Region: The Role of Accelerations and Decelerations
Author:
Mr. Montfort Mlachila
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Mr. Tidiane Kinda
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Series:
IMF Working Papers
Volume/Issue:
Volume 2011: Issue 174
Language:
English
Publication Date:
01 Jul 2011
DOI:
https://doi.org/10.5089/9781462313310.001
ISBN:
9781462313310
ISSN:
1018-5941
Pages:
15
Keywords:
WP; WAEMU country; country; SSA country; Mali; growth performance; growth accelerations and decelerations; sub-Saharan Africa; WAEMU; WAEMU dummy; WAEMU average; WAEMU need; experience for West African Economic and Monetary Union; policy recommendation; Inflation; Income; Private investment; Foreign direct investment; Public investment spending; WAEMU region; macroeconomic management; decelerations in SSA; deceleration in WAEMU; Terms of trade
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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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With the exception of Burkina Faso and Mali, the growth experience for WAEMU countries has been disappointing, even when compared to other sub-Saharan African (SSA) countries. The main objective of the paper is to investigate why the quest for a growth takeoff has been more elusive in the WAEMU countries compared to other SSA countries. To do this, the paper focuses on the determinants of growth accelerations and decelerations in SSA and the WAEMU. It finds that the variables most closely associated with growth accelerations and decelerations in SSA are changes in terms of trade, private investment, civil tension, real exchange rates, and inflation. Second, as found elsewhere in the literature, there is a certain asymmetry between accelerations and decelerations, in both frequency and determinants, and that the WAEMU region is quite different from the rest of SSA.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund