Post-HIPC growth dynamics in
            Sub-Saharan Africa

Bayraktar, Nihal; Fofack, Hippolyte

dc.creator	Bayraktar, Nihal
dc.creator	Fofack, Hippolyte
dc.date	2012-03-19T18:06:58Z
dc.date	2012-03-19T18:06:58Z
dc.date	2011-12-01
dc.date.accessioned	2023-02-17T21:01:47Z
dc.date.available	2023-02-17T21:01:47Z
dc.identifier	http://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	http://hdl.handle.net/10986/3693
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/244657
dc.description	Access 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.
dc.language	English
dc.relation	Policy Research working paper ; no. WPS 5924
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ADVANCED ECONOMIES
dc.subject	ADVANCED TECHNOLOGY
dc.subject	ADVERSE EFFECTS
dc.subject	ADVERSE SHOCKS
dc.subject	AGGREGATE DEMAND
dc.subject	AID EFFECTIVENESS
dc.subject	ARREARS
dc.subject	BALANCE OF PAYMENT
dc.subject	BALANCE OF PAYMENTS
dc.subject	BALANCE OF PAYMENTS CRISES
dc.subject	BALANCE OF PAYMENTS DEFICITS
dc.subject	BANK POLICY
dc.subject	BASE YEAR
dc.subject	BORROWING COUNTRIES
dc.subject	BRIDGE FINANCING
dc.subject	BUDGET CONSTRAINT
dc.subject	BUDGET DEFICIT
dc.subject	BUSINESS CYCLES
dc.subject	CAPITAL ACCOUNT
dc.subject	CAPITAL ACCUMULATION
dc.subject	CAPITAL FLOWS
dc.subject	CAPITAL INFLOWS
dc.subject	CAPITAL STOCK
dc.subject	COMMODITY
dc.subject	COMMODITY EXPORTS
dc.subject	COMPARATIVE ANALYSIS
dc.subject	CONSTANT SHARE
dc.subject	CONSTANT SHARES
dc.subject	COUNTRY INITIATIVE
dc.subject	CREDITORS
dc.subject	CURRENT ACCOUNT
dc.subject	CURRENT ACCOUNT BALANCE
dc.subject	CURRENT ACCOUNT SURPLUSES
dc.subject	DEBT
dc.subject	DEBT BURDEN
dc.subject	DEBT CRISIS
dc.subject	DEBT OVERHANG
dc.subject	DEBT RELIEF
dc.subject	DEBT STOCK
dc.subject	DEBT STOCKS
dc.subject	DEBT STRUCTURE
dc.subject	DEBTS
dc.subject	DEFICIT FINANCING
dc.subject	DEFICITS
dc.subject	DEPRECIATION
dc.subject	DEPRECIATION RATE
dc.subject	DEPRECIATION RATES
dc.subject	DEVELOPING COUNTRIES
dc.subject	DEVELOPMENT ECONOMICS
dc.subject	DEVELOPMENT POLICY
dc.subject	DISPOSABLE INCOME
dc.subject	DIVERSIFICATION
dc.subject	DIVIDENDS
dc.subject	DOMESTIC BORROWING
dc.subject	DOMESTIC CAPITAL
dc.subject	DOMESTIC CAPITAL MARKETS
dc.subject	DOMESTIC DEBT
dc.subject	DOMESTIC FINANCIAL MARKETS
dc.subject	DOMESTIC GOOD
dc.subject	DOMESTIC GOODS
dc.subject	DOMESTIC MARKET
dc.subject	DOMESTIC MARKETS
dc.subject	DOMESTIC PRICE
dc.subject	ECONOMIC CONDITIONS
dc.subject	ECONOMIC COOPERATION
dc.subject	ECONOMIC DEVELOPMENT
dc.subject	ECONOMIC GROWTH
dc.subject	ECONOMIC OUTCOMES
dc.subject	ECONOMIC OUTLOOK
dc.subject	ECONOMIC PERFORMANCE
dc.subject	ECONOMIC PERFORMANCES
dc.subject	ECONOMIC REGION
dc.subject	ECONOMIC RESEARCH
dc.subject	ECONOMIC TRENDS
dc.subject	ELASTICITY
dc.subject	ELASTICITY OF SUBSTITUTION
dc.subject	EMERGING MARKET
dc.subject	EMERGING MARKET ECONOMIES
dc.subject	EMERGING MARKETS
dc.subject	ENDOGENOUS VARIABLES
dc.subject	EQUILIBRIUM
dc.subject	EQUILIBRIUM CONDITION
dc.subject	EQUILIBRIUM PRICE
dc.subject	EQUILIBRIUM VALUE
dc.subject	EXCHANGE RATE
dc.subject	EXCHANGE RATE MOVEMENTS
dc.subject	EXCHANGE RATES
dc.subject	EXISTING DEBTS
dc.subject	EXOGENOUS VARIABLES
dc.subject	EXPECTED PRESENT VALUE
dc.subject	EXPENDITURE
dc.subject	EXPENDITURES
dc.subject	EXPORTS
dc.subject	EXPOSURE
dc.subject	EXTERNAL BORROWING
dc.subject	EXTERNAL DEBT
dc.subject	EXTERNAL FINANCE
dc.subject	EXTERNAL FINANCING
dc.subject	EXTERNAL INDEBTEDNESS
dc.subject	EXTERNAL SHOCKS
dc.subject	FACE VALUE
dc.subject	FACTORS OF PRODUCTION
dc.subject	FEDERAL RESERVE
dc.subject	FEDERAL RESERVE BANK
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL RESOURCES
dc.subject	FISCAL DEFICITS
dc.subject	FISCAL POLICY
dc.subject	FOREIGN DEBT
dc.subject	FOREIGN DIRECT INVESTMENT
dc.subject	FOREIGN EXCHANGE
dc.subject	FOREIGN FINANCING
dc.subject	FOREIGN INTEREST
dc.subject	FUTURE RESEARCH
dc.subject	GDP
dc.subject	GDP PER CAPITA
dc.subject	GENDER
dc.subject	GLOBAL ECONOMY
dc.subject	GLOBAL TRADE
dc.subject	GLOBALIZATION
dc.subject	GOVERNMENT BUDGET
dc.subject	GOVERNMENT DEFICIT
dc.subject	GOVERNMENT EXPENDITURE
dc.subject	GOVERNMENT REVENUE
dc.subject	GOVERNMENT REVENUES
dc.subject	GOVERNMENT SPENDING
dc.subject	GROSS DOMESTIC PRODUCT
dc.subject	GROWTH PERFORMANCE
dc.subject	GROWTH PROJECTIONS
dc.subject	GROWTH RATE
dc.subject	GROWTH RATES
dc.subject	GROWTH THEORY
dc.subject	HOMOGENEOUS GOOD
dc.subject	HOUSEHOLDS
dc.subject	HUMAN CAPITAL
dc.subject	IMPORTS
dc.subject	INCOME
dc.subject	INCOME FLOWS
dc.subject	INCOME GROWTH
dc.subject	INFRASTRUCTURE PROJECTS
dc.subject	INTEREST PAYMENT
dc.subject	INTEREST PAYMENTS
dc.subject	INTEREST RATE
dc.subject	INTEREST RATES
dc.subject	INTERNATIONAL BANK
dc.subject	INVESTMENT FUNCTION
dc.subject	INVESTMENT INCOMES
dc.subject	INVESTMENT RATES
dc.subject	INVESTMENT SPENDING
dc.subject	LABOR FORCE
dc.subject	LAFFER CURVE
dc.subject	LOCAL CURRENCY
dc.subject	LONG-TERM COSTS
dc.subject	LONG-TERM DEBT
dc.subject	LOW INTEREST RATE
dc.subject	LOW-INCOME COUNTRIES
dc.subject	MACROECONOMIC MODEL
dc.subject	MACROECONOMIC STABILITY
dc.subject	MARKET EQUILIBRIUM
dc.subject	MONETARY FUND
dc.subject	NATURAL RESOURCE
dc.subject	NATURAL RESOURCES
dc.subject	NET EXPORTS
dc.subject	NEW MARKETS
dc.subject	NOMINAL EXCHANGE RATE
dc.subject	NOMINAL GROSS DOMESTIC PRODUCT
dc.subject	OUTPUT
dc.subject	OUTPUT GAP
dc.subject	PER CAPITA INCOME
dc.subject	POLICY RESPONSES
dc.subject	POPULATION GROWTH
dc.subject	POVERTY REDUCTION
dc.subject	PRICE OF EXPORTS
dc.subject	PRICE OF GOODS
dc.subject	PRIMARY COMMODITY
dc.subject	PRIVATE CAPITAL
dc.subject	PRIVATE CAPITAL STOCK
dc.subject	PRIVATE CAPITAL STOCKS
dc.subject	PRIVATE CONSUMPTION
dc.subject	PRIVATE INVESTMENT
dc.subject	PRIVATE SAVINGS
dc.subject	PRODUCTION FUNCTION
dc.subject	PRODUCTION STRUCTURE
dc.subject	PUBLIC BORROWING
dc.subject	PUBLIC DEBT
dc.subject	PUBLIC EXTERNAL DEBT
dc.subject	PUBLIC INVESTMENT
dc.subject	PUBLIC INVESTMENTS
dc.subject	PUBLIC SAVINGS
dc.subject	PUBLIC SPENDING
dc.subject	RAPID EXPANSION
dc.subject	REAL EXCHANGE RATE
dc.subject	REAL GDP
dc.subject	REAL INCOME
dc.subject	REAL INVESTMENT
dc.subject	RELATIVE PRICES
dc.subject	RESERVES
dc.subject	RETURNS
dc.subject	SAVINGS RATE
dc.subject	SHARE OF WORLD TRADE
dc.subject	SHORTFALLS
dc.subject	SLOW GROWTH
dc.subject	SOVEREIGN DEBT
dc.subject	SPEED OF ADJUSTMENT
dc.subject	STOCK OPTION
dc.subject	TAX
dc.subject	TAX BURDENS
dc.subject	TAX RATE
dc.subject	TAX REVENUES
dc.subject	TRADE BALANCE
dc.subject	TRADE PATTERN
dc.subject	TRADE PATTERNS
dc.subject	TRADE SHOCKS
dc.subject	TRADING
dc.subject	VIRTUOUS CYCLE
dc.subject	VOLATILITY
dc.subject	WELFARE BENEFITS
dc.subject	WORLD ECONOMY
dc.subject	WORLD PRICE
dc.title	Post-HIPC growth dynamics in Sub-Saharan Africa
dc.type	Publications & Research :: Policy Research Working Paper
dc.coverage	Africa
dc.coverage	Africa
dc.coverage	Africa