Competitiveness in the CFA Franc Zone

42 Pages Posted: 14 Sep 2007

See all articles by Gustavo Ramirez

Gustavo Ramirez

International Monetary Fund (IMF)

Charalambos G. Tsangarides

International Monetary Fund (IMF)

Date Written: August 2007

Abstract

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.

Keywords: Working Paper, Export competitiveness, CFA franc, Exports, West African Economic and Monetary Union, Central African Economic and Monetary Community

Suggested Citation

Ramirez, Gustavo and Tsangarides, Charalambos G., Competitiveness in the CFA Franc Zone (August 2007). IMF Working Paper No. 07/212, Available at SSRN: https://ssrn.com/abstract=1012995

Gustavo Ramirez

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Charalambos G. Tsangarides (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

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