Sub-Saharan economies might be performing well now, but not so long ago, they were mired in debt. During the 70's, many of them borrowed money to unsustainable levels and found themselves unable to service their debt. Joly explains how they got out of their predicament.
Les pays d'Afrique subsaharienne enregistrent de bons résultats aujourd'hui, mais il n'y a pas si longtemps, ils étaient surendettés. Dans les années 70, beaucoup d'entre eux ont emprunté dans des proportions intenables et se sont trouvés dans l'incapacité de repayer leur dette.
Mozambique has had one of highest growth rates in Sub-Saharan Africa over the past two decades. But the increased riches aren't being enjoyed by all. The government is now aiming for "inclusive growth"—something which the IMF is increasingly pursuing in ITS work in Sub-Saharan Africa. But what is "inclusive growth", and how to achieve it?
The euro area may be the world's largest and most well-known regional currency union, but the Eastern Caribbean Economic and Currency Union is an interesting microcosm of its larger European counterpart. The two could learn lessons from each other, suggests an IMF economist.
The 1944 Bretton Woods conference laid the foundations of the modern international monetary system, but little was known about the exact proceedings of that historic gathering, until now. A U.S. treasury economist's discovery of the original transcript of that meeting provides an insight into the characters and the intense debate surrounding the birth of two major international organizations.
Fiscal policy—or the way a government taxes, spends and borrows money—can have a huge impact on reducing inequality. But according to a recent IMF study, that impact has been shrinking over the past decade, as governments scale back social benefits, and make income taxes less progressive.
Un état est considéré fragile lorsqu'il souffre d'instabilité politique et économique, de pauvreté, qu'il se prête au trafic humain, qu'il est ravagé par les maladies ou qu'il subit tous ces fléaux à la fois. Mais comment identifier un état fragile et quelles politiques les états fragiles peuvent-ils mener pour devenir des nations pleinement opérationnelles?
The features of a fragile state can include political and economic instability, poverty, civil disorder, terrorism, human trafficking, disease, or all of these. But how to identify a fragile state, and what policies can fragile states pursue to become fully functioning nations?
Over the past several decades, advanced economies, especially the United States, have seen a striking rise in inequality. David Autor of MIT, argues that trend is driven by rapidly developing technology, which has made highly educated workers much more valuable, and which is pushing others out of jobs.
The global economy is set to strengthen gradually in 2013, but risks remain. In the latest update to its World Economic Outlook, the IMF projects growth will be 3.5% this year. In this podcast, the IMF chief economist explains that despite the brighter outlook, policymakers need to address risks to the global economy.
Dans le dernier rapport sur les Perspectives de l'économie mondiale, le FMI prévoit une croissance de 3,5 % cette année. Dans ce podcast, Mr. Blanchard explique qu'en dépit de l'amélioration des perspectives, les dirigeants doivent s'attaquer aux risques qui pèsent sur l'économie mondiale.
World leaders have avoided a collapse of the global economy, but they must now follow through with reforms to avoid a relapse into crisis, says Christine Lagarde, the head of the IMF.
Durant ces dernières années, l'évolution en dents de scie des cours des matières premières a porté atteinte à de nombreuses régions, et notamment à l'Afrique subsaharienne. Le sort des pays de la région est en effet intimement lié aux fluctuations de ces prix. Que peuvent donc faire les pays pour se protéger contre ces chocs?
Selon Acemoglu, la pauvreté ou la prospérité d'une nation sont sans doute autant l'affaire de la politique que de l'économie. Il avance que les pays plus démocratiques dotés d'institutions politiques «inclusives» parviennent à créer et à entretenir la prospérité, tandis que les régimes «extractifs» autoritaires mènent à la pauvreté.
In the second part of our series on social safety nets in sub-Saharan Africa, we look at practice on the ground. In Burkina Faso, the IMF is working with the government to develop targeted welfare programs. The aim is to identify and help the most vulnerable. But it is still a work-in-progress.
Globally, over 200 million people are unemployed, according to the IMF. Many European markets and emerging markets are suffering double-digit jobless rates, and youth and long-term unemployment are at alarming levels. What skills then do job seekers in a global labor market need to succeed?
Social safety nets aren't just charitable handouts, they're an essential way to ensure growth is sustainable, says the IMF. Safety nets range from cash transfers through health care, to public works programs to create employment. Over the last decade, more countries in sub-Saharan Africa have been adopting social safety nets to help their poorest.
The volatility and price spikes of raw commodities has affected many regions in recent years—sub-Saharan Africa among them. This is because the price of a commodity can make or break the health of a country in this region. What then can countries do to protect themselves from price shocks?
A nation's poverty or prosperity may have as much to do with politics as economics, says Daron Acemoglu. He argues that more democratic countries with inclusive political institutions create sustained prosperity, while "extractive," authoritarian regimes lead toward poverty.
Underdevelopment has often been blamed on bad policies adopted by national governments. Augustin Fosu has identified four such policies which he believes have been the cause of inefficiency, overregulation and misallocation of resources
In the last two decades, growth has accelerated significantly in most of sub-Saharan Africa. Researchers at the IMF have been exploring whether this high growth has also led to, what economists describe as, "structural transformation" on the continent.
Decades after the end of colonial rule in Africa, and more than one hundred years after the official end of the slave trade in the US, the continent remains among the least-developed regions of the globe. But how far is the trade in human beings responsible for Africa's lack of economic progress?
Les pays émergents et en développement ont remarquablement résisté au récent marasme économique. De la crise asiatique des années 1990 à la crise de 2008, ils ont vite rebondi, prenant même de l'essor. Comment expliquer cette amélioration de la performance ? Abdul de Guia Abiad remonte aux sources de nombreux cas de réussite et cerne quelques facteurs communs.
La crise financière mondiale a mis en évidence l'augmentation des inégalités de revenus dans le monde. Thomas Piketty a étudié cette disparité croissante ces dernières années et plaide en faveur d'une imposition progressive pour atténuer cette tendance.
Devant la recrudescence de la hausse des prix des produits alimentaires et pétroliers, Samya Beidas-Strom, économiste au FMI, montre que la volatilité de ces prix peut être atténuée.
Despite their oil wealth, the countries of the Central African Economic and Monetary Community still struggle with the "Resource Curse". Sharmini Coorey, Director of the IMF's Institute of Capacity Development describe the challenges of managing oil wealth in the region, and outline policies that could help overcome them.
China's current account surplus has declined dramatically over recent years. Many economists believe this signals a much needed rebalancing of the world's second largest economy toward domestic sources of growth. So, what's the reason behind this drop and what does it mean for the rest of Asia?
Financial crises have been with us for hundreds of years. From the currency crisis of the Roman Empire to more recent events such as the 2008 financial meltdown, financial crises have been pervasive in market economies. Gary Gorton argues that crises are inevitable, but that with the right policies, their effects can be mitigated.
Selon Kemal Dervis, trois tendances fondamentales sont aujourd’hui à l’œuvre au sein de l’économie mondiale : la convergence de la croissance des économies émergentes et avancées, l’interdépendance des mouvements conjoncturels des différents pays et la divergence des revenus au sein des sociétés.
Historically, countries that are rich in mineral and commodity resources, like oil, copper or coffee, for example, have had lower rates of growth compared to nations which don't enjoy those advantages. It's a phenomenon dubbed the nature resource curse." Jeffrey Frankel outlines ways he believes the natural resource curse can be mitigated or even avoided.
