Regional Economic Outlook, October 2009, Sub-Saharan Africa: Weathering the Storm

October 2, 2009

Preview Citation

Format: Chicago

Regional Economic Outlook, October 2009, Sub-Saharan Africa: Weathering the Storm, (USA: International Monetary Fund, 2009) accessed November 21, 2024

Also available in: français

Summary

Sub-Saharan Africa has been hit hard by the global recession, but signs of resilience remain. While South Africa and some other middle-income countries were caught in the turbulence of international financial markets, and oil exporters saw government revenues plunge, some countries with wider commodity bases have so far escaped the worst of the crisis. Also, and reassuringly, with stronger initial fiscal and external positions than in past downturns, most countries in the region have been able to partially absorb external shocks by allowing fiscal deficits to rise and reducing interest rates. Exchange rates have generally been allowed to adjust. With many families affected by the crisis, however, progress toward the Millennium Development Goals has receded. Looking ahead, fiscal policy must balance support for the recovery with enhancing future growth prospects, debt sustainability, and poverty reduction. Published biannually in May and October.

Subject: Commodities, Conventional peg, Debt sustainability, Exchange rate arrangements, Expenditure, External debt, Fiscal policy, Fiscal stance, Floating exchange rates, Foreign exchange, Oil

Keywords: Africa, Broad money, CDCDCD, CFA franc, Conventional peg, Debt sustainability, East Africa, Exchange rate arrangements, Financing constraint, Fiscal stance, Floating exchange rate, Floating exchange rates, Global, Growth in sub-Saharan Africa, Infrastructure gap, Oil, Oil exporter, REO, Southern Africa, Sub-Saharan Africa, Sub-Saharan Africa country grouping, Sub-Saharan Africa eligible, Trade balance, U.S. dollar value, Zimbabwe dollar

Publication Details

Pages:

100
Volume:

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DOI:

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Issue:

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Series:

Sub-Saharan Africa
Stock No:

REOAFREA2009002
ISBN:

9781589068575
ISSN:

2071-3207

Notes

Full text also available in French.

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