Publication:
Post-HIPC growth dynamics in Sub-Saharan Africa

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dc.contributor.authorBayraktar, Nihal
dc.contributor.authorFofack, Hippolyte
dc.date.accessioned2012-03-19T18:06:58Z
dc.date.available2012-03-19T18:06:58Z
dc.date.issued2011-12-01
dc.description.abstractAccess to debt relief under the Highly Indebted Poor Country Initiative enhanced the growth performance across Sub-Saharan Africa, especially in the subset of debt-ridden low-income countries. Over the past few years, these Completion Point countries have enjoyed significantly higher investments and growth rates, primarily fueled by the expanding fiscal space of the post-Highly Indebted Poor Country Initiative era. They are also weathering the adverse effects of the global crisis much better than their non-Highly Indebted Poor Country Initiative counterparts. Despite these growth rebounds, the region is not likely to meet the Millennium Development Goals, however. Long-term growth projections from a simple macroeconomic model, which is applied to Ethiopia, suggest that prospects for reversing the widening income gaps with other regions of the developing world are limited. Under the baseline scenario, assuming current growth trends, the estimates show that it could take more than five decades for per capita real income to double in Ethiopia. However, even these gloomy prospects are likely to be undermined by the looming risk of another sovereign debt crisis. In effect, the experiments show that lowering interest rates on external debt would not bridge the widening income gap with other regions of the world, unless it is accompanied by a rapid expansion of capital accumulation financed by sustained inflows of foreign aid.en
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20111229160759
dc.identifier.doi10.1596/1813-9450-5924
dc.identifier.urihttps://hdl.handle.net/10986/3693
dc.languageEnglish
dc.relation.ispartofseriesPolicy Research working paper ; no. WPS 5924
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectADVANCED ECONOMIES
dc.subjectADVANCED TECHNOLOGY
dc.subjectADVERSE EFFECTS
dc.subjectADVERSE SHOCKS
dc.subjectAGGREGATE DEMAND
dc.subjectAID EFFECTIVENESS
dc.subjectARREARS
dc.subjectBALANCE OF PAYMENT
dc.subjectBALANCE OF PAYMENTS
dc.subjectBALANCE OF PAYMENTS CRISES
dc.subjectBALANCE OF PAYMENTS DEFICITS
dc.subjectBANK POLICY
dc.subjectBASE YEAR
dc.subjectBORROWING COUNTRIES
dc.subjectBRIDGE FINANCING
dc.subjectBUDGET CONSTRAINT
dc.subjectBUDGET DEFICIT
dc.subjectBUSINESS CYCLES
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL ACCUMULATION
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL STOCK
dc.subjectCOMMODITY
dc.subjectCOMMODITY EXPORTS
dc.subjectCOMPARATIVE ANALYSIS
dc.subjectCONSTANT SHARE
dc.subjectCONSTANT SHARES
dc.subjectCOUNTRY INITIATIVE
dc.subjectCREDITORS
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT BALANCE
dc.subjectCURRENT ACCOUNT SURPLUSES
dc.subjectDEBT
dc.subjectDEBT BURDEN
dc.subjectDEBT CRISIS
dc.subjectDEBT OVERHANG
dc.subjectDEBT RELIEF
dc.subjectDEBT STOCK
dc.subjectDEBT STOCKS
dc.subjectDEBT STRUCTURE
dc.subjectDEBTS
dc.subjectDEFICIT FINANCING
dc.subjectDEFICITS
dc.subjectDEPRECIATION
dc.subjectDEPRECIATION RATE
dc.subjectDEPRECIATION RATES
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectDEVELOPMENT POLICY
dc.subjectDISPOSABLE INCOME
dc.subjectDIVERSIFICATION
dc.subjectDIVIDENDS
dc.subjectDOMESTIC BORROWING
dc.subjectDOMESTIC CAPITAL
dc.subjectDOMESTIC CAPITAL MARKETS
dc.subjectDOMESTIC DEBT
dc.subjectDOMESTIC FINANCIAL MARKETS
dc.subjectDOMESTIC GOOD
dc.subjectDOMESTIC GOODS
dc.subjectDOMESTIC MARKET
dc.subjectDOMESTIC MARKETS
dc.subjectDOMESTIC PRICE
dc.subjectECONOMIC CONDITIONS
dc.subjectECONOMIC COOPERATION
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC OUTCOMES
dc.subjectECONOMIC OUTLOOK
dc.subjectECONOMIC PERFORMANCE
dc.subjectECONOMIC PERFORMANCES
dc.subjectECONOMIC REGION
dc.subjectECONOMIC RESEARCH
dc.subjectECONOMIC TRENDS
dc.subjectELASTICITY
dc.subjectELASTICITY OF SUBSTITUTION
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET ECONOMIES
dc.subjectEMERGING MARKETS
dc.subjectENDOGENOUS VARIABLES
dc.subjectEQUILIBRIUM
dc.subjectEQUILIBRIUM CONDITION
dc.subjectEQUILIBRIUM PRICE
dc.subjectEQUILIBRIUM VALUE
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE MOVEMENTS
dc.subjectEXCHANGE RATES
dc.subjectEXISTING DEBTS
dc.subjectEXOGENOUS VARIABLES
dc.subjectEXPECTED PRESENT VALUE
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXPORTS
dc.subjectEXPOSURE
dc.subjectEXTERNAL BORROWING
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNAL FINANCE
dc.subjectEXTERNAL FINANCING
dc.subjectEXTERNAL INDEBTEDNESS
dc.subjectEXTERNAL SHOCKS
dc.subjectFACE VALUE
dc.subjectFACTORS OF PRODUCTION
dc.subjectFEDERAL RESERVE
dc.subjectFEDERAL RESERVE BANK
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL RESOURCES
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL POLICY
dc.subjectFOREIGN DEBT
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN FINANCING
dc.subjectFOREIGN INTEREST
dc.subjectFUTURE RESEARCH
dc.subjectGDP
dc.subjectGDP PER CAPITA
dc.subjectGENDER
dc.subjectGLOBAL ECONOMY
dc.subjectGLOBAL TRADE
dc.subjectGLOBALIZATION
dc.subjectGOVERNMENT BUDGET
dc.subjectGOVERNMENT DEFICIT
dc.subjectGOVERNMENT EXPENDITURE
dc.subjectGOVERNMENT REVENUE
dc.subjectGOVERNMENT REVENUES
dc.subjectGOVERNMENT SPENDING
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROWTH PERFORMANCE
dc.subjectGROWTH PROJECTIONS
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectGROWTH THEORY
dc.subjectHOMOGENEOUS GOOD
dc.subjectHOUSEHOLDS
dc.subjectHUMAN CAPITAL
dc.subjectIMPORTS
dc.subjectINCOME
dc.subjectINCOME FLOWS
dc.subjectINCOME GROWTH
dc.subjectINFRASTRUCTURE PROJECTS
dc.subjectINTEREST PAYMENT
dc.subjectINTEREST PAYMENTS
dc.subjectINTEREST RATE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINVESTMENT FUNCTION
dc.subjectINVESTMENT INCOMES
dc.subjectINVESTMENT RATES
dc.subjectINVESTMENT SPENDING
dc.subjectLABOR FORCE
dc.subjectLAFFER CURVE
dc.subjectLOCAL CURRENCY
dc.subjectLONG-TERM COSTS
dc.subjectLONG-TERM DEBT
dc.subjectLOW INTEREST RATE
dc.subjectLOW-INCOME COUNTRIES
dc.subjectMACROECONOMIC MODEL
dc.subjectMACROECONOMIC STABILITY
dc.subjectMARKET EQUILIBRIUM
dc.subjectMONETARY FUND
dc.subjectNATURAL RESOURCE
dc.subjectNATURAL RESOURCES
dc.subjectNET EXPORTS
dc.subjectNEW MARKETS
dc.subjectNOMINAL EXCHANGE RATE
dc.subjectNOMINAL GROSS DOMESTIC PRODUCT
dc.subjectOUTPUT
dc.subjectOUTPUT GAP
dc.subjectPER CAPITA INCOME
dc.subjectPOLICY RESPONSES
dc.subjectPOPULATION GROWTH
dc.subjectPOVERTY REDUCTION
dc.subjectPRICE OF EXPORTS
dc.subjectPRICE OF GOODS
dc.subjectPRIMARY COMMODITY
dc.subjectPRIVATE CAPITAL
dc.subjectPRIVATE CAPITAL STOCK
dc.subjectPRIVATE CAPITAL STOCKS
dc.subjectPRIVATE CONSUMPTION
dc.subjectPRIVATE INVESTMENT
dc.subjectPRIVATE SAVINGS
dc.subjectPRODUCTION FUNCTION
dc.subjectPRODUCTION STRUCTURE
dc.subjectPUBLIC BORROWING
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC EXTERNAL DEBT
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC INVESTMENTS
dc.subjectPUBLIC SAVINGS
dc.subjectPUBLIC SPENDING
dc.subjectRAPID EXPANSION
dc.subjectREAL EXCHANGE RATE
dc.subjectREAL GDP
dc.subjectREAL INCOME
dc.subjectREAL INVESTMENT
dc.subjectRELATIVE PRICES
dc.subjectRESERVES
dc.subjectRETURNS
dc.subjectSAVINGS RATE
dc.subjectSHARE OF WORLD TRADE
dc.subjectSHORTFALLS
dc.subjectSLOW GROWTH
dc.subjectSOVEREIGN DEBT
dc.subjectSPEED OF ADJUSTMENT
dc.subjectSTOCK OPTION
dc.subjectTAX
dc.subjectTAX BURDENS
dc.subjectTAX RATE
dc.subjectTAX REVENUES
dc.subjectTRADE BALANCE
dc.subjectTRADE PATTERN
dc.subjectTRADE PATTERNS
dc.subjectTRADE SHOCKS
dc.subjectTRADING
dc.subjectVIRTUOUS CYCLE
dc.subjectVOLATILITY
dc.subjectWELFARE BENEFITS
dc.subjectWORLD ECONOMY
dc.subjectWORLD PRICE
dc.titlePost-HIPC growth dynamics in Sub-Saharan Africaen
dspace.entity.typePublication
okr.crossref.titlePost-HIPC Growth Dynamics in Sub-Saharan Africa
okr.date.disclosure2011-12-01
okr.date.doiregistration2025-04-10T11:04:59.125189Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20111229160759
okr.guid297151468204539568
okr.identifier.doi10.1596/1813-9450-5924
okr.identifier.externaldocumentum000158349_20111229160759
okr.identifier.internaldocumentum15586927
okr.identifier.reportWPS5924
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2011/12/29/000158349_20111229160759/Rendered/PDF/WPS5924.pdfen
okr.region.administrativeAfrica
okr.region.administrativeAfrica
okr.region.geographicalAfrica
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isAuthorOfPublication6a1b1817-ea44-5d60-834a-9d658d5e118c
relation.isAuthorOfPublication.latestForDiscovery6a1b1817-ea44-5d60-834a-9d658d5e118c
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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