The strong economic performance of Sub-Saharan Africa’s resource-rich countries since the start of the 21st century has been celebrated as a return to more buoyant growth and renewed convergence with the advanced economies.Despite the recent progress in improving living standards and reducing poverty, achieving high and sustainable growth continues to be the main challenge for policymakers.Rwanda and Ethiopia have led Sub-Saharan Africa (SSA) in terms of per-capita growth since 2000, growing faster than South Asia. However, the gap between the resource-rich countries of Africa with East Asia and the Pacific (EAP), SAR, and the advanced economies has widened since 2010, underlining the difficulty of accelerating growth.Africa has often been portrayed as a continent of boundless natural riches that have helped pull the whole subcontinent forward. Indeed, resource-rich Africa accounts for a dominant part of SSA’s economy. Resource-rich SSA accounts for 70 percent of both the subcontinent’s GDP and physical capital, 60 percent of its natural capital, and nearly 40 percent of its population. For the continent in aggregate and in per capita terms, however, natural resources are just a bit higher than in the South Asia Region (SAR) and lag all other developing regions.One way of thinking of strengthening economic growth depends on more exploration and development of natural resources that should help increase the continent’s natural wealth, as has happened in many other developing regions.More importantly, durable prosperity in resource-rich Africa depends on building up the assets, or components of overall wealth, that are in relatively short supply. In recent years, the literature has started to focus on assets and assets diversification as a path to development, and the World Bank has led in this area. In this report, we emphasize the two complementary types of assets that Africa’s resource-rich countries need to build up to accelerate growth: one is within national borders and the other across borders.
Details
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Author
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Document Date
2018/01/01
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Document Type
Working Paper
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Report Number
129775
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Volume No
1
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Total Volume(s)
1
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Country
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Region
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Disclosure Date
2018/09/06
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Disclosure Status
Disclosed
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Doc Name
Reinvigorating Growth in Resource-Rich Sub-Saharan Africa
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Keywords
Country Policy and Institutional Assessment; Growth and Opportunity Act; resource-rich country; access to secondary education; reliability of energy supply; relative per capita income; Primary and Secondary Education; life expectancy at birth; Natural Resources; exploration and development; per capita term; natural wealth; natural resource rent; destination of remittance; total factor productivity; gdp growth rate; domestic resource mobilization; gross domestic product; exchange rate adjustment; Rule of Law; early child development; public investment spending; human capital development; cost of electricity; regional value chain; resource-rich developing country; lack of predictability; giant oil field; renewable water resource; primary school student; export of commodities; types of asset; commodity price volatility; natural resource endowment; years of schooling; quality of learning; exploration of oil; international labour organization; Access to Education; public sector institution; volatility of revenues; natural resource abundance; export concentration
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Citation
Izvorski,Ivailo V. Coulibaly,Souleymane Doumbia,Djeneba
Reinvigorating Growth in Resource-Rich Sub-Saharan Africa (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/617451536237967588/Reinvigorating-Growth-in-Resource-Rich-Sub-Saharan-Africa