Growth Breaks and Growth Spells in Sub-Saharan Africa

38 Pages Posted: 26 Sep 2017

See all articles by Francisco Arizala

Francisco Arizala

International Monetary Fund (IMF)

Jesus Gonzalez-Garcia

International Monetary Fund (IMF)

Charalambos G. Tsangarides

International Monetary Fund (IMF)

Mustafa Yenice

International Monetary Fund (IMF)

Date Written: September 2017

Abstract

This paper examines the growth performance of sub-Saharan African countries since 1960 through the lens of growth turning points (accelerations and decelerations) and periods of sustained growth (growth spells). Growth accelerations are generally associated with improved external conditions, increased investment and trade openness, declines in inflation, better fiscal balances, and improvements in the institutional environment. Transitioning from growth accelerations to growth spells often requires additional efforts beyond what is needed to trigger an acceleration. Growth spells are sustained by fiscal policy that prevents excessive public debt accumulation, monetary policy geared toward low inflation, outward-oriented trade policies, and structural policies that reduce market distortions, as well as supportive external environment and improvements in democratic institutions. Overall, determinants of growth spells in sub-Saharan Africa are different from those in the rest of the emerging and developing countries.

Keywords: Africa, Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Comoros, Djibouti, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Gambia, The, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritania, Mauritius, Middle East, Mozambique, Namibia, Niger, Nigeria, Rwanda, Senegal, Seychelles, Sierra Leone, South Africa, Sub-Saharan Africa, Swaziland, Tanzania, Uganda, Togo, Zambia, Zimbabwe, Congo, Democratic Republic of the, Congo, Republic of, Growth, accelerations, duration analysis, Africa JEL Classification Numbers: O11, O47, C41, O55, Macroeconomic Analyses of Economic Development

JEL Classification: O11, O47, C41, O55

Suggested Citation

Arizala, Francisco and Gonzalez-Garcia, Jesus and Tsangarides, Charalambos G. and Yenice, Mustafa, Growth Breaks and Growth Spells in Sub-Saharan Africa (September 2017). IMF Working Paper No. 17/202. Available at SSRN: https://ssrn.com/abstract=3043167

Francisco Arizala (Contact Author)

International Monetary Fund (IMF) ( email )

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

Jesus Gonzalez-Garcia

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Room: HQ2 10A-572
Washington, DC 20431
United States
(202) 6236310 (Phone)
(202) 6236159 (Fax)

Charalambos G. Tsangarides

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Mustafa Yenice

International Monetary Fund (IMF) ( email )

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

Register to save articles to
your library

Register

Paper statistics

Downloads
46
Abstract Views
130
PlumX Metrics
!

Under construction: SSRN citations will be offline until July when we will launch a brand new and improved citations service, check here for more details.

For more information