Africa's Pulse, October 2015

Chuhan-Pole, Punum; Calderon, Cesar; Kambou, Gerard; Boreux, Sebastien; Buitano, Mapi M.; Korman, Vijdan; Kubota, Megumi

Africa's Pulse, October 2015

2015

External headwinds and domestic difficulties are impacting economic activity in Sub-Saharan Africa. Sub-Saharan Africa’s growth will decelerate in 2015 amid weak global economic conditions. Some countries, however, will continue posting solid growth. Sub-Saharan Africa is entering a period of tightening borrowing conditions amid growing domestic and external vulnerabilities. Reflecting the widening fiscal deficits, government debt has continued to rise in many countries. Weak fundamentals, combined with the strong appreciation of the U.S. dollar, have kept currencies across the region under pressure throughout the year. Policy buffers are low in several countries, constraining the response to the current environment and underscoring the need for African countries to improve domestic resource mobilization and enhance public expenditure efficiency. Progress in reducing income poverty in Sub-Saharan Africa may have been faster than the authors thought, but poverty remains high. The region’s growth deceleration challenges efforts to reduce poverty.

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accounting agricultural commodities balance of payments balance sheets bank loans bid budget budgets business cycles capacity building commercial banks currencies debt deficit devaluation developing countries equity exchange rate expenditure external debt finance financial institutions fiscal policies globalization gross domestic product immunization indebtedness inflation interest rates international trade investment liquidity loans market economies markets maturity microdata poverty private investment public debt public investment remittances repayment risk management rule of law stock stocks valuation

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World Bank, Washington, DC

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Investment climate; Financial systems; Deficits; Financial crisis; Goods; Borrowing costs; International financial integration; Central banks; Share; Checks; Current account deficit; Debt ratio; Equity issue; Investment flows; Public spending; Global capital; Arrears; Oil prices; Enforcement mechanisms; Bond; Recurrent expenditures; Infrastructure investment; Creditors; Issuances; Investment in debt securities; Income levels; Political economy; Current account deficits; Foreign currency; Price stability; Short-term external debt; Liquidity risks; Currency depreciation; Commercial terms; Holding; Country risk; Currency; Macroeconomic conditions; Future; Capital outlays; Macroeconomic policy; Debt obligations; Exchange rates; Short-term debt; International capital; Bond issue; International financial statistics; Private credit; Emerging markets; Exporters; Import costs; Expenditures; Positive debt; Issuance; Sovereign bonds; Public sector debt; International bond market; Negative shocks; Investment portfolio; Exchange; Macroeconomic variables; Portfolio; Treasuries; Macroeconomic instability; Policy response; Debt burden; Portfolio investment; Trade finance; Credit growth; Debt restructuring; Central bank; Interest rate; Political risks; Reserves; Federal reserve; Emerging market; Local currency; Monetary authorities; Post-crisis period; Income level; Trading; Capital flows; International financial statistic; Fiscal deficit; Macroeconomic policies; Currency crises; Government debt; Tax incentives; Terrorism; Securities; Investor base; Equity flows; Foreign capital; Export growth; Market countries; Debt stocks; International bond; Fiscal authorities; Real interest rate; Debt accumulation; Transparency; Trade credit; Cash reserve ratio; International finance; Debt levels; Policy responses; Emerging market countries; Basis points; Foreign exchange; Private capital; Domestic debt; Bond issuers; International markets; Financial instability; Currency risks; Share of investment; Local investors; Debt of countries; Amortizations; Interest; Government revenues; Investors; Shares; Eurobond; Bullet repayment; Global finance; Investment projects; Real interest; Good; Total debt; Sovereign debt; Monetary policy; Foreign exchange risk; Export share; Bond issuances; Bond market; Government spending; Bond issuance; Global trade; Fiscal policy; Investor; Global economy; Sovereign bond; Purchasing power; Market; Current account surplus; Forgiveness; Oil price; Cash reserve; Financial markets; Bullet repayments; Debt securities; Direct investment; Government capacity; Accounting framework; Commodity price; Foreign currencies; Commodity prices; Bonds; Security; Exporter; Bond spreads; Solvency; Political risk; Private bonds; Debt reduction; Loan; External funding; Debt service; Financial openness; Micro data; Debt forgiveness; Government expenditure; Post- crisis period; Flexible exchange rate; Real exchange rate; Financial flows; Debt ratios; Foreign direct investment; Revenue; Fiscal deficits; Public debt stocks; International economics; Debt relief; Repayments; Reserve; Monetary fund; Capital flow; Debt source; Revenues; Tax; Real interest rates; Capital inflows; Bureaucratic quality; Financial liberalization; Capital markets; Tax codes; Current account surpluses

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Africa's Pulse, October 2015

2015

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