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Growth miracles: Are they things of the past?

Vinaya Swaroop's picture
Also available in: Français



Is the era of industrialization and manufacturing exports growth miracles – a period of rapid economic growth exceeding expectations, last seen in East Asian countries, most notably in China – over? If you listen to Harvard’s Dani Rodrik, the answer seems to be: pretty much! Does that mean, Africa, the only continent which hasn’t seen rapid export-led manufacturing growth, would not have many growth miracle stories?

Poor places. Rich places. Can geography explain it all?

Nga Thi Viet Nguyen's picture
Also available in: Français



“Tell me where you live, and I can predict how well you’ll do in life.”
 
Does welfare vary largely across space?
 
Although I don’t have a crystal ball, I do know for a fact that location is an excellent predictor of one’s welfare. Indeed, a child born in Togo today is expected to live nearly 20 years less than a child born in the United States. Moreover, this child will earn a tiny fraction—less than 3%—of what his or her American counterpart will earn.

In Uganda, greater financial inclusion is the key to unlocking rapid growth

Rachel K. Sebudde's picture
Photo: Sarah Farhat/World Bank.

Ugandan’s access to financial services has improved dramatically in recent years. More than half of Uganda’s adult population now has access to an account at a formal financial institution. This is almost twice as many as in 2009. The entry and fast penetration of mobile money is the main reason for the increase, having allowed 8 million Ugandans to conduct financial transactions.

Will South Africa turn the corner in 2017?

Marek Hanusch's picture
Photo By: David Stanley/Flickr


The year 2016 was difficult for many countries. We estimate that global economic growth slowed from 2.7% in 2015 to 2.3% in 2016. High-income economies struggled with subdued growth and low inflation amidst increased uncertainty about policy direction in light of rising populism. Among emerging markets and developing economies, commodity exporters were most affected by the end of the commodity price boom, growing by only 0.3%—much in line with our estimate of 0.4% growth for South Africa, the lowest growth rate since the 2009 recession after the global financial crisis. By contrast, commodity importers carried the torch of global growth in 2016, expanding by 5.6%.

Innovative Africa for a better tomorrow

Teodoro De Jesus Xavier Poulson's picture
Despite a decade of strong growth, Sub-Saharan Africa still faces a number of social and economic challenges. These range from access to education, off-the-grid electricity, clean water, job creation and public infrastructure. While there is no silver bullet, one word is inspiring millions – innovation.
 

Creating Quality Jobs for Cote d’Ivoire’s Future Generations

Jacques Morisset's picture
Also available in: Français
Although most Ivorians are employed, they struggle to find jobs that provide decent sustainable incomes. An average worker earns 120,000 FCFA or $200 per month, which is lower than the average in Sub-Saharan Africa.


Firmin gets by doing small odd jobs. One day he is a street vendor, the next day a carpenter, and on other days he’s a gardener. He arrived in Abidjan two years ago with high hopes of joining the National Police Academy. His story resembles that of thousands of Ivorians who join the domestic workforce each year. Today, there are about 14 million people of age to work in the country, and by 2025, there will be approximately 22 million - all of whom seek a secure well-paying job. 

Ethiopia’s growth miracle: What will it take to sustain it?

Lars Christian Moller's picture



If you are curious to know which country has achieved double digit growth in the last 12 years, making it the fourth fastest-growing in the world, the answer is Ethiopia. And what is more striking is that if Ethiopia sustains its current pace of growth, it will become a middle income country by 2025.

Sustaining structural reforms in Africa in good and tough times

Sudharshan Canagarajah's picture



The recently-published
Regional Economic Outlook for Sub-Saharan Africa (SSA) by the International Monetary Fund underscores the enduring view of  international financial institutions that the depth, pace and perfecting of structural reforms needs to continue, not only for competitiveness and growth but also for resilience should external headwinds emerge. The report also presents an important opportunity to further develop this agenda, by the additional treatment of the underlying causes, particularly non-price based ones, and thereby generate a more actionable view of the growth, competitiveness and equality trends so incisively presented in the report.

How significant could Africa’s demographic dividend be for growth and poverty reduction?

S. Amer Ahmed's picture
Also available in: Français
Total dependency ratio, 1950-2030
Total dependency ratio, 1950-2030 *


Africa’s population grew at an average annual rate of 2.6 percent between 1950 and 2014, much faster than the global average of 1.7 percent as estimated from UN population projection data. During this time, the region experienced a demographic transition, moving from a period of high mortality and fertility rates to one of lower mortality, yet still high fertility rates. Other regions, most notably East Asia, took advantage of their transitions to accelerate growth, and reap a so-called ‘demographic dividend’. Africa is now being presented a similar opportunity.

Poverty in Sub-Saharan Africa: “A historical perspective on land and labor”

Gareth Austin's picture
A Ghanaian carpenter shapes wood for a coffin in his workshop. ©Jonathan Ernst/World Bank

The inaugural Annual Bank Conference on Africa examined strategies for converting economic growth into poverty reduction. Taking an economic historian’s perspective, the prospects are complicated by long-term shifts in fundamental patterns, specifically from land abundance to land scarcity and, relatedly, from labor repression to landlessness as the principal source of poverty.

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