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A dozen countries had weak institutions in 1960 and yet sustained high rates of growth subsequently. We use data on their characteristics early in the growth process to create benchmarks with which to evaluate potential constraints on sustained growth for sub-Saharan Africa. This analysis suggests that what are usually regarded as first-order problems -- broad institutions, macroeconomic stability, trade openness, education, and inequality -- may not nowbe binding constraints in Africa, although the extent of ill-health, internal conflict, and societal fractionalization do stand out as problems in contemporary Africa. A key question is to what extent Africa can rely on manufactured exports as a mode of "escape from underdevelopment," a strategy successfully deployed by almost all the benchmark countries. The benchmarking comparison specifically raises two key concerns as far as a development strategy based on expanding exports of manufactures is concerned: micro-level institutions that affect the costs of exporting, and the level of the real exchange rate -- especially the need to avoid overvaluation.
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Sub-Saharan AfricaShowing 5 featured editions. View all 5 editions?
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1
Prospects for Sustained Growth in Africa: Benchmarking the Constraints
2007, International Monetary Fund
in English
1452760217 9781452760216
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2
Prospects for Sustained Growth in Africa: Benchmarking the Constraints
2007, International Monetary Fund
in English
145191069X 9781451910698
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3
The prospects for sustained growth in africa: benchmarking the constraints
2007, National Bureau of Economic Research
electronic resource :
in English
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The prospects for sustained growth in Africa: benchmarking the constraints
2007, National Bureau of Economic Research
in English
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5
Prospects for Sustained Growth in Africa: Benchmarking the Constraints
2007, International Monetary Fund
in English
145186616X 9781451866162
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Book Details
Edition Notes
"May 2007"
Includes bibliographical references.
Also available in PDF from the NBER world wide web site (www.nber.org).
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