Africa : Leveraging the Crisis into a Development Takeoff

Africa : Leveraging the Crisis into a Development Takeoff

Africa's precise growth and poverty reduction was the result of increased external resources, a buoyant global economy and crucially improved economic policies. Although it is still the world's poorest region, the prospects for resuming g...

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Bibliographic Details
Main Authors:	Devarajan, Shantayanan, Shetty, Sudhir
Format:	Brief
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ACCESS TO EDUCATION ACCOUNTING BANKING SECTOR CAPACITY BUILDING CAPITAL FLOWS CHILDREN PER WOMAN CITIZENS COMMODITY COMMODITY PRICES DEBT DEBT RELIEF DECISION MAKING DEMOGRAPHIC DEMOGRAPHIC PRESSURES DEMOGRAPHIC TRANSITION DEVELOPED COUNTRIES DEVELOPED WORLD DEVELOPING COUNTRIES DEVELOPING WORLD DEVELOPMENT ASSISTANCE DEVELOPMENT BANK DEVELOPMENT GOALS DEVELOPMENT INDICATORS DEVELOPMENT POLICIES DEVELOPMENT REPORT DIVERSIFICATION DOMESTIC BORROWING DOMESTIC ECONOMY DOMESTIC PRICES ECONOMIC ACTIVITY ECONOMIC CRISIS ECONOMIC GROWTH ECONOMIC POLICIES ECONOMIC POLICY ECONOMIC POLICY ENVIRONMENT ECONOMIC REFORMS ECONOMICS EMPLOYMENT OPPORTUNITIES ENVIRONMENTS EXPORT GROWTH EXTERNAL SHOCKS FAMILY PLANNING FAMILY PLANNING SERVICES FERTILITY FERTILITY RATES FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL SYSTEM FINANCIAL SYSTEMS FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FOOD PRICE FOOD PRICES FOOD PRODUCTION FOREIGN DIRECT INVESTMENT GLOBAL CLIMATE GLOBAL CLIMATE CHANGE GLOBAL ECONOMIC PROSPECTS GLOBAL ECONOMY GLOBAL FINANCIAL SYSTEM GLOBAL TRADE GLOBALIZATION GOVERNMENT EXPENDITURES GOVERNMENT REVENUES GROSS DOMESTIC PRODUCT GROWTH RATE HEALTH SECTOR IMPORT TARIFFS IMPROVING GOVERNANCE INCOME INDUSTRIAL POLICY INFANT INFANT MORTALITY INFLATION INFLATION RATE INFRASTRUCTURE INVESTMENT INSTRUMENT INTERNATIONAL COMMUNITY INVESTMENT CLIMATE JOB CREATION LABOR FORCE LIBERALIZATION LIBERALIZATIONS LOAN LOAN GUARANTEES LOW-INCOME COUNTRIES MACROECONOMIC MANAGEMENT MEDIUM TERM MIGRATION MILLENNIUM DEVELOPMENT GOALS MONETARY FUND NATURAL RESOURCE OIL OIL BOOM OIL BOOMS OIL EXPORTERS OIL PRICES POLICY ENVIRONMENT POLICY MAKERS POLICY REFORMS POLICY RESEARCH POLICY RESEARCH WORKING PAPER POLICY RESPONSES POLITICAL SUPPORT POPULATION GROWTH POPULATION GROWTH RATE POVERTY REDUCTION PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PRO-POOR PROGRESS PRUDENTIAL REGULATIONS PUBLIC HEALTH PUBLIC INVESTMENT PUBLIC SECTOR PUBLIC SPENDING RAPID ECONOMIC GROWTH RAPID GROWTH REDUCING POVERTY REMITTANCE REMITTANCES RETURN RICH COUNTRIES SAFETY NETS SANITATION SAVINGS SERVICE DELIVERY SOVEREIGN BOND STATE CAPACITY TRADE POLICY TRADING TRANSACTION TRANSACTION COSTS TRANSPARENCY UNEMPLOYMENT VOCATIONAL TRAINING VOLATILITY WORLD DEVELOPMENT INDICATORS YOUNG PEOPLE
Online Access:	http://documents.worldbank.org/curated/en/2010/09/12744224/africa-leveraging-crisis-development-takeoff http://hdl.handle.net/10986/10156

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Summary:	Africa's precise growth and poverty reduction was the result of increased external resources, a buoyant global economy and crucially improved economic policies. Although it is still the world's poorest region, the prospects for resuming growth are good. Additional resources and further policy reforms could launch the continent on a path of sustained growth and poverty reduction. Africa is the world's poorest region and faces development challenges of monumental proportions. Nevertheless, the continents prospects for resuming growth are good because policy reforms generated relative rapid economic growth and poverty reduction before the global crisis, and because policy makers by and large continued to pursue these policies during the crisis. It also means that there is increasing political support for pro-poor reforms the very reforms that will help the continent address the challenges of infrastructure improvement, job creation, governance, and shrinking aid. If the international community continues to support Africa, the combination of additional resources and policy reforms could launch the continent on a path of sustained, rapid growth and poverty reduction.

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