Cyclical Patterns of Government Expenditures in Sub-Saharan Africa PDF Download
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Author: Victor Duarte Lledo
Publisher: International Monetary Fund
ISBN: 1451874197
Category : Business & Economics
Languages : en
Pages : 33
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Book Description
This paper documents cyclical patterns of government expenditures in sub-Saharan Africa since 1970 and explains variation between countries and over time. Controlling for endogeneity, it finds government expenditures to be slightly more procyclical in sub-Saharan Africa than in other developing countries and some evidence that procyclicality in Africa has declined in recent years after a period of sharp increase through the 1990s. Greater fiscal space, proxied by lower external debt, and better access to concessional financing, proxied by larger aid flows, seem to be important factors in diminishing procyclicality in the region. The role of institutions is less clear cut: changes in political institutions have no impact on procyclicality.
Author: Victor Duarte Lledo
Publisher: International Monetary Fund
ISBN: 1451874197
Category : Business & Economics
Languages : en
Pages : 33
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Book Description
This paper documents cyclical patterns of government expenditures in sub-Saharan Africa since 1970 and explains variation between countries and over time. Controlling for endogeneity, it finds government expenditures to be slightly more procyclical in sub-Saharan Africa than in other developing countries and some evidence that procyclicality in Africa has declined in recent years after a period of sharp increase through the 1990s. Greater fiscal space, proxied by lower external debt, and better access to concessional financing, proxied by larger aid flows, seem to be important factors in diminishing procyclicality in the region. The role of institutions is less clear cut: changes in political institutions have no impact on procyclicality.
Author: Mr.Sanjeev Gupta
Publisher: International Monetary Fund
ISBN: 1455209341
Category : Business & Economics
Languages : en
Pages : 24
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Book Description
This paper studies the cyclical behavior of public spending on health and education in 150 countries during 1987 - 2007. It finds that spending on education and health is procyclical in developing countries and acyclical in developed countries. In addition, education and health expenditures follow an asymmetric pattern in developing countries; they are procyclical during periods of positive output gap and acyclical during periods of negative output gap. Furthermore, the degree of cyclicality is higher the lower the level of economic development.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1484342887
Category : Business & Economics
Languages : en
Pages : 114
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Book Description
The five Regional Economic Outlooks published biannually by the IMF cover Asia and Pacific, Europe, the Middle East and Central Asia, Sub-Saharan Africa, and the Western Hemisphere. In each volume, recent economic developments and prospects for the region are discussed as a whole, as well as for specific countries. The reports include key data for countries in the region. Each report focuses on policy developments that have affected economic performance in the region, and discusses key challenges faced by policymakers. The near-term outlook, key risks, and their related policy challenges are analyzed throughout the reports, and current issues are explored, such as when and how to withdraw public interventions in financial systems globally while maintaining a still-fragile economic recovery.These indispensable surveys are the product of comprehensive intradepartmental reviews of economic developments that draw primarily on information the IMF staff gathers through consultation with member countries.
Author: World Bank
Publisher: World Bank Publications
ISBN: 0821380834
Category : Business & Economics
Languages : en
Pages : 386
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Book Description
Sustainable infrastructure development is vital for Africa s prosperity. And now is the time to begin the transformation. This volume is the culmination of an unprecedented effort to document, analyze, and interpret the full extent of the challenge in developing Sub-Saharan Africa s infrastructure sectors. As a result, it represents the most comprehensive reference currently available on infrastructure in the region. The book covers the five main economic infrastructure sectors information and communication technology, irrigation, power, transport, and water and sanitation. 'Africa s Infrastructure: A Time for Transformation' reflects the collaboration of a wide array of African regional institutions and development partners under the auspices of the Infrastructure Consortium for Africa. It presents the findings of the Africa Infrastructure Country Diagnostic (AICD), a project launched following a commitment in 2005 by the international community (after the G8 summit at Gleneagles, Scotland) to scale up financial support for infrastructure development in Africa. The lack of reliable information in this area made it difficult to evaluate the success of past interventions, prioritize current allocations, and provide benchmarks for measuring future progress, hence the need for the AICD. Africa s infrastructure sectors lag well behind those of the rest of the world, and the gap is widening. Some of the main policy-relevant findings highlighted in the book include the following: infrastructure in the region is exceptionally expensive, with tariffs being many times higher than those found elsewhere. Inadequate and expensive infrastructure is retarding growth by 2 percentage points each year. Solving the problem will cost over US$90 billion per year, which is more than twice what is being spent in Africa today. However, money alone is not the answer. Prudent policies, wise management, and sound maintenance can improve efficiency, thereby stretching the infrastructure dollar. There is the potential to recover an additional US$17 billion a year from within the existing infrastructure resource envelope simply by improving efficiency. For example, improved revenue collection and utility management could generate US$3.3 billion per year. Regional power trade could reduce annual costs by US$2 billion. And deregulating the trucking industry could reduce freight costs by one-half. So, raising more funds without also tackling inefficiencies would be like pouring water into a leaking bucket. Finally, the power sector and fragile states represent particular challenges. Even if every efficiency in every infrastructure sector could be captured, a substantial funding gap of $31 billion a year would remain. Nevertheless, the African people and economies cannot wait any longer. Now is the time to begin the transformation to sustainable development.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1589069498
Category : Business & Economics
Languages : en
Pages : 117
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Book Description
The October 2010 Regional Economic Outlook features: (i) an overview of economic developments and prospects in sub-Saharan Africa; (ii) an analytical assessment of how monetary policy changes are transmitted through the region's economies; and (iii) a study of why growth rates in the West African Economic and Monetary Union (WAEMU) have lagged behind other parts of sub-Saharan Africa. The overview highlights the broad-based economic recovery that is now under way in sub-Saharan Africa and projects growth of 5 percent in 2010 and 51⁄2 percent in 2011. It explores the resilience of most economies in the region to the global financial crises of 2007-09 and explains why sound economic policy implementation and a growing orientation of trade toward Emerging Asia are expected to continue to underpin growth. The second chapter provides evidence suggesting that monetary policy may have more power to influence monetary conditions than previously assumed. Main messages from the WAEMU study are the importance of strong policy environments and political stability for achieving sustained growth; and of robust fiscal frameworks for directing resources towards priority spending needs.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 161635061X
Category : Business & Economics
Languages : en
Pages : 122
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Book Description
Sub-Saharan Africa's economic recovery is well under way, although among country groups there is variation in the speed of the recovery. In most of the region's low-income countries and among the seven oil exporters growth is almost back to precrisis levels. However, in the region's middle-income countries, including South Africa, the recovery has been more gradual. This Regional Economic Outlook describes the impact of recent economic developments---sharp increases in food and fuel prices will need fiscal interventions targeting the poor, while higher oil prices will be a boon to some countries and adversely affect others. Policy adjustments are needed to move away from the supportive stance of the last few years but should be balanced against the need to alleviate the impact of rising food prices on poor households.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1498329845
Category : Social Science
Languages : en
Pages : 121
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Book Description
The sharp decline in oil and other commodity prices have adversely impacted sub-Saharan Africa. Nevertheless, the region is projected to register another year of solid economic performance. In South Africa, however, growth is expected to remain lackluster, while in Guinea, Liberia, and Sierra Leone the Ebola outbreak continues to exact a heavy economic and social toll. This report also considers how sub-Saharan Africa can harness the demographic dividend from an unprecedented increase in the working age population, as well as the strength of the region's integration into global value chains.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1484320972
Category : Business & Economics
Languages : en
Pages : 129
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Book Description
Growth in sub-Saharan Africa has recovered relative to 2016, but the momentum is weak and per capita incomes are expected to barely increase. Further, vulnerabilities have risen in many countries, adding to the urgency of implementing the fiscal consolidations planned in most countries and with stepped up efforts to strengthen growth.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1484365151
Category : Business & Economics
Languages : en
Pages : 115
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Book Description
Growth remained strong in the region in 2012, with regional GDP rates increasing in most countries (excluding Nigeria and South Africa). Projections point to a moderate, broad-based acceleration in growth to around 51⁄2 percent in 2013¬14, reflecting a gradually strengthening global economy and robust domestic demand. Investment in export-oriented sectors remains an important economic driver, and an agriculture rebound in drought-affected areas will also help growth. Uncertainties in the global economy are the main risk to the region’s outlook, but plausible adverse shocks would likely not have a large effect on the region’s overall performance.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1475510799
Category : Business & Economics
Languages : en
Pages : 119
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Book Description
Economic conditions in sub-Saharan Africa have remained generally robust despite a sluggish global economy. The near-term outlook for the region remains broadly positive, and growth is projected at 51⁄4 percent a year in 2012-13. Most low-income countries are projected to continue to grow strongly, supported by domestic demand, including from investment. The outlook is less favorable for many of the middle-income countries, especially South Africa, that are more closely linked to European markets and thus experience a more noticeable drag from the external environment. The main risks to the outlook are an intensification of financial stresses in the euro zone and a sharp fiscal adjustment in the US--the so-called fiscal cliff.
