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International Monetary Fund. African Dept.

Abstract

Sub-Saharan Africa continues to record strong economic growth, despite the weaker global economic environment. Regional output rose by 5 percent in 2011, with growth set to increase slightly in 2012, helped by still-strong commodity prices, new resource exploitation, and the improved domestic conditions that have underpinned several years of solid trend growth in the region's low-income countries. But there is variation in performance across the region, with output in middle-income countries tracking more closely the global slowdown and with some sub-regions adversely affected, at least temporarily, by drought. Threats to the outlook include the risk of intensified financial stresses in the euro area spilling over into a further slowing of the global economy and the possibility of an oil price surge triggered by rising geopolitical tensions.

International Monetary Fund. External Relations Dept.
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Stephan Schmidheiny

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International Monetary Fund. African Dept.

Abstract

Sub-Saharan Africa continues to record strong economic growth, despite the weaker global economic environment. Regional output rose by 5 percent in 2011, with growth set to increase slightly in 2012, helped by still-strong commodity prices, new resource exploitation, and the improved domestic conditions that have underpinned several years of solid trend growth in the region’s low-income countries. But there is variation in performance across the region, with output in middle-income countries tracking more closely the global slowdown and with some sub-regions adversely affected, at least temporarily, by drought. Threats to the outlook include the risk of intensified financial stresses in the euro area spilling over into a further slowing of the global economy and the possibility of an oil price surge triggered by rising geopolitical tensions.

International Monetary Fund. African Dept.

Abstract

In the last few years, the world has experienced three episodes of global financial stress. The most significant took place after the collapse of the U.S. investment bank Lehman Brothers in late 2008. The other episodes, in mid-2010 and late 2011, have involved the deterioration of European public finances and financial conditions. The theme that runs through these three episodes is a generalized increase in global risk aversion (Figure 2.1). This chapter explores the channels through which global financial stress affects sub-Saharan African banking systems,1 reviewing the effects of the 2008–09 financial turmoil and the recent European crisis.

International Monetary Fund. African Dept.

Abstract

Exhaustible natural resources account for a large share of output and export earnings in many sub-Saharan African (SSA) countries. Rising world commodity prices, coupled with new resource discoveries, have stimulated growth in these economies during the past decade. Several additional countries in the region are also poised to become significant resource exporters in the near future. This chapter examines the region’s natural resource exporters and the policies that can help them make effective use of these resources to support economic development.1