Country Economic Memorandum
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Publication
Sudan - The Road Toward Sustainable and Broad-Based Growth
(World Bank, 2009-12-01)This report proposes a growth strategy for Sudan that reduces its dependence on oil, while building an economic foundation for a diversified, inclusive and sustainable growth path. Specifically, Sudan's near term strategy should focus on: a) developing and maintaining the necessary enabling environment for growth, specifically macroeconomic stability and effective fiscal management (chapter one); b) implementing policies aimed at improving the investment climate and broadening private sector- led growth (chapters two and five); c) increasing returns to the agriculture sector as the highest potential engine of growth and poverty reduction over the medium-term (chapter four); d) developing a comprehensive reconstruction plan for the South (chapter six); and e) complementing technocratic reforms with good governance. -
Publication
Sudan - Toward Sustainable and Broad-Based Growth
(World Bank, 2009-12-01)Sudan is in the 10th year of its longest and strongest growth episode since independence, benefiting from the advent of oil in 1999. This report proposes a growth strategy for Sudan that reduces its dependence on oil, while building an economic foundation for a diversified, inclusive and sustainable growth path. Specifically, Sudan's near term strategy should focus on: a) developing and maintaining the necessary enabling environment for growth, specifically macroeconomic stability and effective fiscal management (chapter one); b) implementing policies aimed at improving the investment climate and broadening private sector-led growth (chapters two and five); c) increasing returns to the agriculture sector as the highest potential engine of growth and poverty reduction over the medium-term (chapter four); d) developing a comprehensive reconstruction plan for the South (chapter six); and e) complementing technocratic reforms with good governance. Sudan needs a new, more balanced growth vision that is less reliant on oil, while using the oil wealth to create an economic foundation for a diversified, inclusive, and sustainable growth path. -
Publication
Benin - Constraints to Growth and Potential for Diversification and Innovation : Country Economic Memorandum
(World Bank, 2009-06-18)With favorable geographical location, macroeconomic stability, debt reduction, progress on structural reforms, and political stability, Benin will seem to have the foundations for a dynamic, diversified economy. Yet the country's economic structure has not evolved, remaining highly dependent on cotton and transit trade, and per-capita growth has slowed down in recent years. The government has requested the World Bank's assistance in understanding the constraints to growth and evaluating the country's potential for diversification and innovation as it seeks to lead the country to emerging market status by 2020. The government is well aware that the vulnerabilities associated with the country's dependence on cotton and transit trade impede the attainment of this goal. Response to the government's request, the objective of the Benin Country Economic Memorandum (CEM) is therefore to identify and analyze the key economic and institutional constraints to growth, including through diversification and innovation. The CEM contains four main chapters, each providing theoretical or empirical analyses of Benin's economic situation and prospects: a) cross-sectoral binding constraints to growth; b) analysis of specific constraints in the cotton and transit trade sectors; c) diversification and innovation potential; and d) political economy of growth. -
Publication
Madagascar : Back to the Future on the Road to Sustained and Balanced Growth, Country Economic Memorandum, Volume 2, Annexes
(Washington, DC, 2008-12)The objective of this study is to accompany Malagasy authorities in their transition towards economic emergence. If the contribution of foreign capital and the abundance of natural resources should help the Malagasy economy escape from the poverty trap by increasing its domestic savings and investment capacities, as well as its technological capacities. International experience reminds us that this transition is far from being automatic. Indeed, there are more examples of countries that have failed than of those who have succeeded. The successes of Chile, Tunisia, Malaysia, Mauritius, and Botswana can inspire the Malagasy policy makers while showing them which economic policy choices become imperative. This study is divided into four parts. The first part begins with an analysis of Madagascar's economic performance, trying to recall its fragility in spite of the good results recorded over these last few years. This fragility will be highlighted through the relatively narrow basis of the economic growth that has greatly relied on foreign capital inflows, putting the need to follow an adequate foreign exchange management policy at the center of the agenda and, thus, minimize its possible negative impact on exports. The second part will focus on the issue of private sector promotion. Recent diagnoses of Madagascar's economy and the strategy adopted by Malagasy authorities (with the support of its development partners) have shown that to be sustained and shared out over time, economic growth will have to rely on a dynamic and competitive private sector. The third part is dedicated to sharing the fruits of economic growth by giving a special emphasis to the distribution of the benefits related to the large mining and tourism investment projects within the population. These large projects represent a unique opportunity for Madagascar's development but also undoubtedly a danger if they do not allow the emergence of spillover effects among the local businesses and labor force. Finally, the fourth and final part proposes an agenda of economic reforms. Ambition is not to formulate a patchy list of proposals, but rather to propose a series of options that will help address the issues of competitiveness and shared growth that are central to the success of the current strategy followed by the Malagasy authorities. -
Publication
Madagascar : Back to the Future on the Road to Sustained and Balanced Growth, Country Economic Memorandum, Volume 1, Main Report
(Washington, DC, 2008-12)The objective of this study is to accompany Malagasy authorities in their transition towards economic emergence. If the contribution of foreign capital and the abundance of natural resources should help the Malagasy economy escape from the poverty trap by increasing its domestic savings and investment capacities, as well as its technological capacities. International experience reminds us that this transition is far from being automatic. Indeed, there are more examples of countries that have failed than of those who have succeeded. The successes of Chile, Tunisia, Malaysia, Mauritius, and Botswana can inspire the Malagasy policy makers while showing them which economic policy choices become imperative. This study is divided into four parts. The first part begins with an analysis of Madagascar's economic performance, trying to recall its fragility in spite of the good results recorded over these last few years. This fragility will be highlighted through the relatively narrow basis of the economic growth that has greatly relied on foreign capital inflows, putting the need to follow an adequate foreign exchange management policy at the center of the agenda and, thus, minimize its possible negative impact on exports. The second part will focus on the issue of private sector promotion. Recent diagnoses of Madagascar's economy and the strategy adopted by Malagasy authorities (with the support of its development partners) have shown that to be sustained and shared out over time, economic growth will have to rely on a dynamic and competitive private sector. The third part is dedicated to sharing the fruits of economic growth by giving a special emphasis to the distribution of the benefits related to the large mining and tourism investment projects within the population. These large projects represent a unique opportunity for Madagascar's development but also undoubtedly a danger if they do not allow the emergence of spillover effects among the local businesses and labor force. Finally, the fourth and final part proposes an agenda of economic reforms. Ambition is not to formulate a patchy list of proposals, but rather to propose a series of options that will help address the issues of competitiveness and shared growth that are central to the success of the current strategy followed by the Malagasy authorities. -
Publication
Ghana - Meeting the Challenge of Accelerated and Shared Growth : Country Economic Memorandum, Volume 1. Background Papers
(Washington, DC, 2007-11-28)Ghana has done increasingly well in recent years. This report has analyzed these issues in considerable depth, making it a prime reference on Ghana's growth and poverty experience and current policy challenges. The Ghana Country Economic Memorandum (CEM) report presented in these three volumes brings together detailed, relevant analyses of Ghana's growth and the Millennium Development Goals (MDGs), poverty reduction, infrastructure, agriculture, investment climate, export competitiveness, social inclusion and political economy. -
Publication
Ghana - Meeting the Challenge of Accelerated and Shared Growth : Country Economic Memorandum, Volume 1. Synthesis
(Washington, DC, 2007-11-28)Ghana has done increasingly well in recent years. This report has analyzed these issues in considerable depth, making it a prime reference on Ghana's growth and poverty experience and current policy challenges. The Ghana Country Economic Memorandum (CEM) report presented in these three volumes brings together detailed, relevant analyses of Ghana's growth and the Millennium Development Goals (MDGs), poverty reduction, infrastructure, agriculture, investment climate, export competitiveness, social inclusion and political economy. -
Publication
Ghana - Meeting the Challenge of Accelerated and Shared Growth : Country Economic Memorandum, Volume 3. Background papers
(Washington, DC, 2007-11-28)Ghana has done increasingly well in recent years. This report has analyzed these issues in considerable depth, making it a prime reference on Ghana's growth and poverty experience and current policy challenges. The Ghana Country Economic Memorandum (CEM) report presented in these three volumes brings together detailed, relevant analyses of Ghana's growth and the Millennium Development Goals (MDGs), poverty reduction, infrastructure, agriculture, investment climate, export competitiveness, social inclusion and political economy. -
Publication
Rwanda : Toward Sustained Growth and Competitiveness, Volume 1. Synthesis and Priority Measures
(Washington, DC, 2007-10-12)Rwanda established targets for Gross Domestic Product (GDP) growth and poverty reduction, to be achieved by the year 2020; these were to (i) raise real per capita income from $230 to $900; and (ii) reduce the poverty incidence by half. To reach these targets, the Government projected in its 2002 Poverty Reduction Strategy Paper (PRSP) that GDP growth will to be in the range of 6 to 7 percent over the medium term. The PRSP focused on six priority areas: (i) rural development and agricultural transformation; (ii) human development; (iii) economic infrastructure; (iv) good governance; (v) private sector development; and (vi) institutional capacity development. While increased spending in the social sectors led to substantial improvements in outcomes there has been only limited spending for economic services, including investment to improve productivity in agriculture and manufacturing. Improvements in poverty have been marginal, due to a number of factors: (i) lack of investment in infrastructure during the recovery and stabilization phase, to complement the reforms undertaken to improve the business environment; (ii) lack of investments in capacity, institutions, and land/water management in the agricultural sector; (iii) continued low use of inputs; (iv) instability within the region; (v) delays in Rwanda's accession to the East Africa Community (EAC); and (vi) a slower than expected pace of reform in key sectors such as the tea industry. The PRSP anticipated that growth in the agricultural sector will proceed with progressive commercialization, with ensuing demand for agricultural and non-agricultural goods and services in rural areas, resulting in increasing non-farm employment. -
Publication
Rwanda : Toward Sustained Growth and Competitiveness, Volume 2. Main Report
(Washington, DC, 2007-10-12)Rwanda established targets for Gross Domestic Product (GDP) growth and poverty reduction, to be achieved by the year 2020; these were to (i) raise real per capita income from $230 to $900; and (ii) reduce the poverty incidence by half. To reach these targets, the Government projected in its 2002 Poverty Reduction Strategy Paper (PRSP) that GDP growth will to be in the range of 6 to 7 percent over the medium term. The PRSP focused on six priority areas: (i) rural development and agricultural transformation; (ii) human development; (iii) economic infrastructure; (iv) good governance; (v) private sector development; and (vi) institutional capacity development. While increased spending in the social sectors led to substantial improvements in outcomes there has been only limited spending for economic services, including investment to improve productivity in agriculture and manufacturing. Improvements in poverty have been marginal, due to a number of factors: (i) lack of investment in infrastructure during the recovery and stabilization phase, to complement the reforms undertaken to improve the business environment; (ii) lack of investments in capacity, institutions, and land/water management in the agricultural sector; (iii) continued low use of inputs; (iv) instability within the region; (v) delays in Rwanda's accession to the East Africa Community (EAC); and (vi) a slower than expected pace of reform in key sectors such as the tea industry. The PRSP anticipated that growth in the agricultural sector will proceed with progressive commercialization, with ensuing demand for agricultural and non-agricultural goods and services in rural areas, resulting in increasing non-farm employment.