Macroeconomic Management in the World Economy - An Exploratory Note on Africa
Prof. Ravinder Rena
University of the Western Cape; Polytechnic of Namibia; Papua New Guinea University of Technology
May 11, 2009
Brasov (Romania): Review of General Management, Vol. 9 No. 1, pp. 19-32, 2009
In the 1980s, the focus in economic management in Africa shifted towards macroeconomic stabilization policies. This led to the neglect of sectoral policies and microeconomic reforms, which are critical for industrialization and diversification. In line with this, the African economies continue to sustain the growth momentum for the past few years. However, most African countries’ real growth rates have remained low relative to their development goals. Improved economic management and increases in non-oil commodity prices have more than offset the negative impact of high oil prices on the real GDP of African oil importing economies. African countries also continue to face the challenge of other deadly diseases, especially malaria and HIV/AIDS, remained as the deadly killer diseases in the continent. This paper explores macroeconomic imbalances in the global economy. It delves the recent developments that occurred in the African economy in recent years. It also emphasizes certain diversification policies which are pertinent in the development of African economies.
Number of Pages in PDF File: 14
Keywords: Macroeconomic imbalances, World Economy, African Economy, Diversification, growth policies, external debt
JEL Classification: E2, F31, H11Accepted Paper Series
Date posted: May 19, 2009 ; Last revised: October 13, 2009
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