Tải bản đầy đủ (.pdf) (307 trang)

African Economic Outlook 2011 pptx

Bạn đang xem bản rút gọn của tài liệu. Xem và tải ngay bản đầy đủ của tài liệu tại đây (5.74 MB, 307 trang )

2011 African Economic Outlook
Algeria
Angola
Benin
Botswana
Burkina Faso
Burundi
Cameroon
Cape Verde
Central African Rep.
Chad
Comoros
Congo, Dem. Rep.
Congo, Rep.
Côte d’Ivoire
Djibouti
Egypt
Equatorial Guinea
Ethiopia
Gabon
Gambia
Ghana
Guinea
Guinea-Bissau
Kenya
Lesotho
Liberia
Libya
Madagascar
Malawi
Mali


Mauritania
Mauritius
Morocco
Mozambique
Namibia
Niger
Nigeria
Rwanda
São Tomé and Príncipe
Senegal
Seychelles
Sierra Leone
South Africa
Sudan
Swaziland
Tanzania
Togo
Tunisia
Uganda
Zambia
Zimbabwe
African
Economic
Outlook
2011
CENTRE DE
DÉVELOPPEMENT
CENTRE
DEVELOPMENT
AFRICAN DEVELOPMENT

BANK GROUP
SPECIAL THEME:
Africa
and its Emerging Partners
African
Economic Outlook 2011
Executive Summary
10th Edition of the African Economic Outlook
Part One : Africa’s Performance and Prospects
Chapter 1: Macroeconomic Prospects
Chapter 2: External Financial Flows
Chapter 3: Trade Policies and Regional Integration
Chapter 4: Human Development
Chapter 5: Political Governance
Part Two: Africa and its Emerging Partners
Chapter 6: : Africa and its Emerging Partners
Part Three: Country notes
Full-length country notes and report are available on www.africaneconomicoutlook.org
Algeria • Angola • Benin • Botswana • Burkina Faso • Burundi • Cameroon • Cape Verde • Central African Rep.
• Chad • Comoros • Congo, Dem. Rep. • Congo, Rep. • Côte d’Ivoire • Djibouti • Egypt • Equatorial Guinea
• Ethiopia • Gabon • Gambia • Ghana • Guinea • Guinea-Bissau • Kenya • Lesotho • Liberia • Libya •
Madagascar • Malawi • Mali • Mauritania • Mauritius • Morocco • Mozambique • Namibia• Niger • Nigeria •
Rwanda • São Tomé and Príncipe • Senegal • Seychelles • Sierra Leone • South Africa • Sudan • Swaziland
• Tanzania • Togo • Tunisia • Uganda • Zambia • Zimbabwe
Part Four: Statistical Annex
-:HSTCQE=VVV\ZW:
ISBN 978-92-64-11175-2
41 2011 03 1 P

African

Economic Outlook
2011
CENTRE DE
DÉVELOPPEMENT
CENTRE
DEVELOPMENT
AFRICAN DEVELOPMENT BANK
DEVELOPMENT CENTRE OF THE ORGANISATION
FOR ECONOMIC CO-OPERATION AND DEVELOPMENT
UNITED NATIONS DEVELOPMENT PROGRAMME
UNITED NATIONS ECONOMIC COMMISSION FOR AFRICA
Economic
Commission
for Africa
The opinions expressed and arguments employed in this publication are the sole responsibility of
the authors and do not necessarily reect those of the African Development Bank; the OECD, its
Development Centre or the governments of their member countries; the United Nations Development
Programme; the UN Economic Commission for Africa; the European Union; or those of the Secretariat
of the African Caribbean and Pacic Group of States or its member states.
ISBN 978-92-64-11175-2 (print)
ISBN 978-92-64-11178-3 (PDF)
© African Development Bank, Organisation for Economic Co-operation and Development, United Nations Development
Programme, United Nations Economic Commission for Africa (2011).
You can copy, download or print the content of this publication for your own use, and you can include excerpts from it
in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgment
of AfDB, OECD, UNDP, UNECA as source and copyright owner is given. All requests for public or commercial use and
translation rights should be submitted to Requests for permission to photocopy portions of this material
for public or commercial use shall be addressed directly to the Copyright Clearance Center (CCC) at
or the Centre français d’exploitation du droit de copie (CFC)
2

Foreword
7KLVLVWKHWHQWKHGLWLRQRIWKH$IULFDQ(FRQRPLF2XWORRN$(2ZKLFKRYHUWKHSDVWGHFDGHKDV
EHFRPHWKHOHDGLQJDQQXDOUHYLHZRIWKHVWDWHRIWKH$IULFDQHFRQRP\:KHQWKH¿UVW2XWORRNZDV
ODXQFKHGLQDVDMRLQWSURMHFWRIWKH2(&''HYHORSPHQW&HQWUHDQGWKH$IULFDQ'HYHORSPHQW
%DQN$I'%$IULFDKDGMXVWSDVVHGWKURXJKDSHULRGRIORZJURZWKDQGGHFOLQLQJOLYLQJVWDQGDUGVWKDW
KDGFDXVHGZLGHVSUHDG$IUR3HVVLPLVP7KHUHKDVEHHQDPDMRUFKDQJHVLQFHWKHQDQGZHFDQQRZ
ORRNEDFNDWDGHFDGHRI$IULFDQ5HQDLVVDQFHZLWKDYHUDJHJURZWKRIDOPRVWEHWZHHQDQG
$IULFDKDVDOVRVKRZQFRQVLGHUDEOHUHVLOLHQFHWRWKHGHHSJOREDOHFRQRPLFFULVLVRI
7KLV 2XWORRN SRUWUD\V D FRQWLQHQW VXVWDLQLQJ HFRQRPLF H[SDQVLRQ %XW $IULFD LV PDUFKLQJ LQWR
VHULRXVKHDGZLQGVQRWDEO\FDXVHGE\KLJKIRRGDQGIXHOSULFHVDQGSROLWLFDOXSKHDYDOVLQDQXPEHU
RIFRXQWULHV$V DUHVXOWZKLOHVXE6DKDUDQ$IULFDZLOO VWLOOVKRZVWURQJ JURZWKDVH[SHFWHG1RUWK
$IULFD ZLOO JURZ PRUH VORZO\ DOO OHDGLQJ WR D ORZHU DYHUDJH JURZWK IRU $IULFD RI MXVW EHORZ  LQ
$VVXPLQJHFRQRPLFQRUPDOLW\UHWXUQVJURZWKLVH[SHFWHGWRDFFHOHUDWHWRDOPRVWLQ
UHWXUQLQJWKHUHDIWHUWROHYHOVDFKLHYHGEHIRUHWKHFULVLV
2XUDQDO\VLVDOVRVKRZVWKDW$IULFDKDVDWWUDFWHGLQFUHDVLQJÀRZVRIIRUHLJQGLUHFWLQYHVWPHQW)',
%XWVRIDUDERXWWKUHHTXDUWHUVRI$IULFDV)',LQÀRZVDUHLQYHVWHGLQRLOH[SRUWLQJFRXQWULHVZKLOHRLO
LPSRUWLQJFRXQWULHVDUHEHQH¿WWLQJUHODWLYHO\OLWWOH&RXQWULHVWKXVQHHGWRIXUWKHULPSURYHWKHEXVLQHVV
HQYLURQPHQWIRUGRPHVWLFDQGIRUHLJQLQYHVWRUV7KH\PXVWLPSURYHLQIUDVWUXFWXUHDQGSRZHUVXSSO\
DQGUHGXFHUHGWDSHZKLFKFRQWLQXHVWRUHVWUDLQWKHSULYDWHVHFWRULQPDQ\FRXQWULHV5HFHQWVRFLDO
XQUHVWKDVUHYHDOHGWKHQHHGIRUPRUHDFFRXQWDELOLW\DQGEHWWHUJRYHUQDQFHLQ$IULFD
7KLVUHSRUWKLJKOLJKWVWKHFKDOOHQJHVWRIXUWKHUERRVWJURZWKDQGWKHQHHGDWWKHVDPHWLPHWR
EURDGHQWKHVRXUFHVRIJURZWKWRPRUHVHFWRUVDQGUHJLRQV5HGXFLQJLQFRPHLQHTXDOLW\DQGIXUWKHU
LPSURYLQJKHDOWKDQGHGXFDWLRQDUHFUXFLDOWRDOOHYLDWLQJSRYHUW\DQGPDNLQJHFRQRPLFJURZWKPRUH
LQFOXVLYHVRWKDWWKHZKROHSRSXODWLRQFDQUHDSWKHEHQH¿WV
7KH2XWORRNWKHPHFKDSWHUORRNVDW³$IULFDDQGLWV(PHUJLQJ3DUWQHUV´,WVKRZVWKDW$IULFDEHQH¿WV
LQFUHDVLQJO\ IURP WUDGH LQYHVWPHQW DQG JHQHUDO HFRQRPLF FRRSHUDWLRQ ZLWK HPHUJLQJ HFRQRPLHV
VXFKDV%UD]LO&KLQD,QGLD.RUHDDQG7XUNH\7KLVLVFRPSOHPHQWDU\WRWKHOLQNVZLWKRWKHUDGYDQFHG
HFRQRPLHVZKLFKFRQWLQXHWRSOD\DNH\UROHDVSDUWQHUVIRUWKHFRQWLQHQW1HZSDUWQHUVKLSVEHWZHHQ
DGYDQFHGDQGGHYHORSLQJFRXQWULHVDQGDQHZSDUDGLJPDURXQGJURZWKDQGGHYHORSPHQWZLOOVXSSRUW
$IULFD¶VSURVSHULW\FUHDWHRSSRUWXQLWLHVIRUWKHSHRSOHLQ$IULFDDQGEXLOGDNH\SLOODULQRXUMRLQW¿JKW

DJDLQVWSRYHUW\
2XUMRLQWFRPPLWPHQWLQSURGXFLQJWKLVUHSRUWLVWRSURYLGHHYLGHQFHEDVHGSROLF\DGYLFHRQNH\
GHYHORSPHQWFKDOOHQJHVEDVHGRQVRXQGDQGREMHFWLYHDQDO\VLVSHHUOHDUQLQJDQGJRRGJRYHUQDQFH
'RQDOG.DEHUXND
3UHVLGHQW
$IULFDQ'HYHORSPHQW
%DQN*URXS7XQLV
$QJHO*XUUtD
6HFUHWDU\*HQHUDO
2UJDQLVDWLRQIRU
(FRQRPLF
&RRSHUDWLRQDQG
'HYHORSPHQW3DULV
+HOHQ&ODUN
$GPLQLVWUDWRU
8QLWHG1DWLRQV
'HYHORSPHQW
3URJUDPPH1HZ<RUN
$EGRXOLH-DQQHK
([HFXWLYH6HFUHWDU\
8QLWHG1DWLRQV
(FRQRPLF&RPPLVVLRQ
IRU$IULFD
$GGLV$EDED
3
Acknowledgements
7KH $IULFDQ (FRQRPLF 2XWORRN ZDV SUHSDUHG E\ D FRQVRUWLXP RI IRXU WHDPV IURP WKH $IULFDQ
'HYHORSPHQW%DQN$I'%WKH2(&''HYHORSPHQW&HQWUHWKH8QLWHG1DWLRQV'HYHORSPHQW3URJUDPPH
81'3 DQG WKH 8QLWHG 1DWLRQV (FRQRPLF &RPPLVVLRQ IRU $IULFD 81(&$ 7KH 2XWORRN WKHUHE\
EHQH¿WWHG IURP WKH RYHUDOO JXLGDQFH RI 0WKXOL 1FXEH &KLHI (FRQRPLVW DQG 9LFH 3UHVLGHQW $I'%

0DULR3H]]LQL'LUHFWRU2(&''HYHORSPHQW&HQWUH3HGUR&RQFHLomR&KLHI(FRQRPLVWDQG+HDGRI
WKH6WUDWHJLF$GYLVRU\8QLW5HJLRQDO%XUHDXIRU$IULFD81'3DQG(PPDQXHO1QDGR]LH'LUHFWRURI
WKH7UDGH)LQDQFHDQG(FRQRPLF'HYHORSPHQW'LYLVLRQ81(&$:LOOL/HLEIULW]DFWHGDV&RRUGLQDWRU
7KH$I'%WDVNWHDPZDVOHGE\&KDUOHV/XIXPSD/pRQFH1GLNXPDQDDQG'pVLUp9HQFDWDFKHOOXP
.H\WHDPPHPEHUVLQFOXGHG3HWHU:DONHQKRUVW%HHMD\H.RNLO%DUIRXU2VHL$OH[0XWHEL0XELUXDQG
$KPHG0RXPPL7KHWHDPDWWKH2(&''HYHORSPHQW&HQWUHZDVOHGE\+HOPXW5HLVHQ+HQUL%HUQDUG
6ROLJQDF/HFRPWHDQG-HDQ3KLOLSSH6WLMQVWKHWHDPDWWKH81'3E\-DQYLHU1NXUXQ]L]DDQGWKHWHDP
DW81(&$E\$GDP(OKLUDLND
3DUW,RQ$IULFD¶VSHUIRUPDQFHDQG3URVSHFWVZDVGUDIWHGE\:LOOL/HLEIULW]EDVHGRQWKHIRUHFDVW
SURYLGHGE\WKH$I'%6WDWLVWLFV'HSDUWPHQW&KDSWHU-DQ5LHOlQGHU&KDSWHU6WHSKHQ.DULQJL
'DQLHO7DQRH(PPDQXHO&KLQ\DPDDQG/DXUD3iH]&KDSWHU-DQYLHU1NXUXQ]L]D&KDSWHUDQG
-DQ 5LHOlQGHU %DNDU\ 7UDRUp 6DLG $GHMXPREL DQG .DOHE 'HPHNVD &KDSWHU  3DUW ,, RQ $IULFD¶V
(PHUJLQJ 3DUWQHUV ZDV FRRUGLQDWHG E\ -HDQ3KLOLSSH 6WLMQV DQG $OEHUWR $PXUJR 3DFKHFR ZLWK NH\
LQSXW IURP 9LQD\H 'H\ $QFKDUD] DQG YHU\ DEOH UHVHDUFK DVVLVWDQFH RI %DNDU\ 7UDRUp *UHJRU\ 'H
3DHSH0\ULDP'DKPDQ6DLGLDQG&KULVWLQD:ROI
7KHFRXQWU\QRWHVZHUHGUDIWHGE\.RVVL5REHUW(JXLGD$OJHULD/DXUD5HFXHUR9LUWRDQG6HEDVWLDQ
1LHWR 3DUUD $QJROD 2OLYLHU 0DQODQ %HQLQ :LOEHUIRUFH 0DULNL DQG 5RJHU 'KLZD\R %RWVZDQD
7DQNLHQ 'D\R %XUNLQD )DVR -DQYLHU 1NXUXQ]L]D %XUXQGL $LVVDWRX *XH\H &DPHURXQ /DXUD
5HFXHUR9LUWRDQG%DNDU\7UDRUp&DSH9HUGH.DOLGRX'LDOOR&HQWUDO$IULFDQ5HSXEOLF)DFLQHW6\OOD
&KDG/pRQFH<DSR&RPRUHV$KPHG0RXPPL&RQJR5HS6WHYH*XL'LE\&RQJR'HP5HS
:DXWDERXQD2XDWWDUD&{WHG,YRLUH$XGUH\9HUJQHV'MLERXWL$OEHUWR$PXUJR3DFKHFRDQG$QGUHZ
0ROG(TXDWRULDO*XLQHD$OHPD\HKX*HGD(WKLRSLD6\OYDLQ1GR*DERQ+HH6LN.LP*DPELD
%DUIRXU 2VHL *KDQD 0RKDPHG %HQ $EGDOODK *XLQHD $OEHUWR $PXUJR 3DFKHFR DQG *UHJRU\ 'H
3DHSH*XLQHD%LVVDX/DXUHOLQH3ODDQG'pVLUp9HQFDWDFKHOOXP.HQ\D$OEHUW0DIXVLUH/HVRWKR
5LFKDUG6FKLHUH/LEHULD(PPDQXHOH6DQWL/LE\D0DUFR6WDPSLQLDQG/DXUHOLQH3OD0DGDJDVFDU
$GHOHNH6DODPL0DODZL/pDQGUH%DVVROpDQG0DPDGRX'LDJQH0DOL0RKDPHG6DIRXDQH%HQ$wVVD
0DXULWDQLD -RKQ $Q\DQZX 0DXULWLXV )DWLPD =RKUD $OODRXL 0RURFFR /DXUD 5HFXHUR 9LUWR DQG
*UHJRU\'H3DHSH0R]DPELTXH6RXOH\PDQH$EGDOODK1LJHU%DUIRXU2VHL1LJHULD6KLPHOHV$EHEH
5ZDQGD*UHJRU\'H3DHSHDQG -RKQ0XOODOO\ 6mR7RPp3UtQFLSH3HWHU2QGLHJH6H\FKHOOHV
=X]DQD%UL[LRYDDQG-DPDO=D\LG6LHUUD/HRQH(PHOO\0XWDPEDWVHUHDQG-HDQ3KLOLSSH6WLMQV6RXWK

$IULFD$GDP(OKLUDLND6XGDQ(GLULVVD1VHHUD6ZD]LODQG$OH[0XWHEL0XELUX7DQ]DQLD0DUFHOOLQ
1GRQJ1WDK 7RJR $XGUH\ 9HUGLHU&KRXFKDQH 7XQLVLD (GZDUG 6HQQRJD 8JDQGD (PPDQXHO
&KLQ\DPD=DPELD%DUEDUD %DUXQJLDQG.XSXNLOH0ODPER =LPEDEZHDQGWKHIROORZLQJUHVHDUFK
LQVWLWXWHV&HQWUHGH5HFKHUFKHV(FRQRPLTXHV$SSOLTXpHV&5($6pQpJDODQG(J\SWLDQ&HQWUHIRU
(FRQRPLF6WXGLHV(&(6(J\SW7KHZRUNRQWKHFRXQWU\QRWHVJUHDWO\EHQH¿WWHGIURPWKHYDOXDEOH
FRQWULEXWLRQVRIORFDOFRQVXOWDQWV
7KHFRPPLWWHHRISHHUUHYLHZHUVRIWKHFRXQWU\QRWHVLQFOXGHG(OL]DEHWK$VLHGX6\OYDLQ(ORL'HVV\
$QQH0DULH*HRXUMRQ0ZDQJL.LPHQ\L&DUROLQH/DPEHUW%HUWUDQG/DSRUWHDQG3LHUUH3HVWLHDX
7KHPDFURHFRQRPLFIUDPHZRUNDQGGDWDEDVHXVHGWRSURGXFHWKHIRUHFDVWDQGVWDWLVWLFDODQQH[ZDV
PDQDJHGE\%HHMD\H.RNLODWWKH$IULFDQ'HYHORSPHQW%DQN9DOXDEOHVWDWLVWLFDOLQSXWVIRUXSGDWLQJ
WKHGDWDEDVHDQG UXQQLQJWKH$(2PRGHO ZHUHSURYLGHGE\ 0RKDPHG6DIRXDQH%HQ$wVVD$QRXDU
&KDRXFK2XVPDQ*DMLJR+LODLUH.DGLVKD.RXD/RXLV.RXDNRX)HVVRX(PHVVDQ/DZVRQDQG1LULQD
/HWVDUDDWWKH$I'%6WDWLVWLFV'HSDUWPHQWDVZHOODV9DUDUDW$WLVRSKRQDQG*UHJRU\'H3DHSHDWWKH
2(&''HYHORSPHQW&HQWUH$\PHQ'KLE0LFKqOH*LUDUG$LVVDWRX*XH\HDQG-RVLDQH.RQpSURYLGHG
YHU\LPSRUWDQWVWDWLVWLFDODQGRUJDQLVDWLRQDODVVLVWDQFH
7KHSURMHFWDOVREHQH¿WWHGIURPWKHDVVLVWDQFHSURYLGHGE\5KRGD%DQJXUDK<YHWWH&KDQYRpGRX
DQG$ELDQD1HOVRQ
4
7KHFRXQWU\PDSVZHUHSURGXFHGE\0DJDOL*HQH\ZKRDOVRZDVUHVSRQVLEOHIRUWKHGHVLJQDQG
OD\RXWRIWKHUHSRUW7KHPDSVDQGGLDJUDPVXVHGLQWKLVSXEOLFDWLRQLQQRZD\LPSO\UHFRJQLWLRQRIDQ\
VWDWHVRUSROLWLFDOERXQGDULHVE\WKH$IULFDQ'HYHORSPHQW%DQN*URXSWKH2UJDQLVDWLRQIRU(FRQRPLF
&RRSHUDWLRQDQG'HYHORSPHQWLWV'HYHORSPHQW&HQWUHWKH8QLWHG1DWLRQV'HYHORSPHQW3URJUDPPH
WKH8QLWHG1DWLRQV(FRQRPLF&RPPLVVLRQIRU$IULFDWKH(XURSHDQ8QLRQRUWKHDXWKRUV
7KHUHSRUWEHQH¿WHGIURPH[WUHPHO\YDOXDEOHLQSXWVDQGFRPPHQWVIURPDODUJHQXPEHURI$IULFDQ
JRYHUQPHQW UHSUHVHQWDWLYHV SULYDWHVHFWRU RSHUDWRUV FLYLO VRFLHW\ PHPEHUV FRXQWU\ HFRQRPLVWV
DQGVHFWRUVSHFLDOLVWV LQWKH$I'%FRXQWU\ RSHUDWLRQVGHSDUWPHQWV DQG)LHOG2I¿FHVH[SHUWV LQWKH
(XURSHDQ&RPPLVVLRQGHOHJDWLRQVLQ$IULFDDVZHOODVWKH'LUHFWRUDWHIRU'HYHORSPHQW&RRSHUDWLRQ
WKH'LUHFWRUDWHIRU)LQDQFLDODQG(QWHUSULVH$IIDLUVDQGWKH(FRQRPLFV'HSDUWPHQWRIWKH2(&'3DUW
,,RQ$IULFD¶V(PHUJLQJ3DUWQHUVGUHZKHDYLO\IURPWKHNQRZOHGJHRILQWHUQDWLRQDOH[SHUWVJDWKHUHG
LQ3DULVRQ2FWREHUDVZHOODVVSHFLDOSDSHUVFRQWULEXWHGE\9LQD\H'H\$QFKDUD]$I'%

+HOPXW$VFKH8QLYHUVLW\RI/HLS]LJ;DYLHU&LUHUD,'66XVVH[5LFDUGR0DUNZDOG)81&(;%UD]LO
&DWKHULQH *UDQW 0HPRU\ 'XEH DQG *HRIIUH\ &KDSPDQ 6$,,$ -RKDQQHVEXUJ 3KLOLSSH +XJRQ
8QLYHUVLWpGH3DULV2XHVW5DSKDHO.DSOLQVN\7KH2SHQ8QLYHUVLW\0LOWRQ.H\QHV3HWHU.UDJHOXQG
5RVNLOGH 8QLYHUVLW\ 'RURWK\ 0F&RUPLFN ,'6 1DLUREL0DUF 5DI¿QRW 8QLYHUVLWp 3DULV 'DXSKLQH
/('D',$/ DQG 'LHXGRQQp %OHRVVL 'DKRXQ 0LQLVWU\ RI )LQDQFH RI %HQLQ (GRXDUG 7XUNLVFK DQG
&KULVWLQD:ROI2(&''HYHORSPHQW&HQWUH
$GULj$OVLQDDQG9DQGD/HJUDQGJpUDUGPDQDJHGWKHHGLWRULDOSURFHVVDQGVXSHUYLVHGWKHGHYHORSPHQW
RIWKH&RQWHQW0DQDJHPHQW6\VWHP7KH\RYHUVDZWKHSURGXFWLRQRIWKHSXEOLFDWLRQLQERWKSDSHUDQG
HOHFWURQLFIRUPVZLWKWKHDVVLVWDQFHRI0LFKqOH*LUDUG5RJHU+REE\/\1D'ROORQDQG(OL]DEHWK1DVK
RIWKH2(&''HYHORSPHQW&HQWUH7KHGHGLFDWLRQRIWKHHGLWLQJWUDQVODWLRQDQGSURRIUHDGLQJWHDPZDV
HVVHQWLDOWRWKHWLPHO\SURGXFWLRQRIWKLVUHSRUW
7KLVSXEOLFDWLRQKDVEHHQSURGXFHGZLWKWKHDVVLVWDQFHRIWKH(XURSHDQ8QLRQ7KHFRQWHQWVRIWKLV
SXEOLFDWLRQDUHWKHVROHUHVSRQVLELOLW\RIWKHDXWKRUVDQGFDQLQQRZD\EHWDNHQWRUHÀHFWWKHYLHZVRI
WKH(XURSHDQ8QLRQ7KHVXSSRUWRIWKH$IULFDQ&DULEEHDQDQG3DFL¿F*URXSRI6WDWHVZDVHVVHQWLDO
WRLQLWLDWLQJDQGVXVWDLQLQJWKHSURMHFWDVZDVDGGLWLRQDOVXSSRUWE\%HOJLXP)UDQFH,UHODQG3RUWXJDO
DQG6SDLQ
This book has
StatLinks2
A service that delivers Excel
®
fi les
from the printed page!
Look for the StatLinks at the bottom right-hand corner of the tables or graphs in this book.
To download the matching Excel
®
spreadsheet, just type the link into your Internet browser,
starting with the pre x.
If you’re reading the PDF e-book edition, and your PC is connected to the Internet, simply
click on the link. You’ll  nd StatLinks appearing in more OECD books.
5

African Economic Outlook
([HFXWLYH6XPPDU\ 
WK(GLWLRQRIWKH$IULFDQ(FRQRPLF2XWORRN 
Part One: Africa’s Performance and Prospects 19
&KDSWHU0DFURHFRQRPLF3URVSHFWV 
&KDSWHU([WHUQDO)LQDQFLDO)ORZV 
&KDSWHU7UDGH3ROLFLHVDQG5HJLRQDO,QWHJUDWLRQ 
&KDSWHU+XPDQ'HYHORSPHQW 
&KDSWHU3ROLWLFDO*RYHUQDQFH 
Part Two: Africa and its Emerging Partners 91
&KDSWHU$IULFDDQGLWV(PHUJLQJ3DUWQHUV 
Part Three: Country Notes 141
)XOOOHQJWKFRXQWU\QRWHVDYDLODEOHRQZZZDIULFDQHFRQRPLFRXWORRNRUJ
Part Four: Statistical Annex 245
$OJHULD
$QJROD
%HQLQ
%RWVZDQD
%XUNLQD)DVR
%XUXQGL
&DPHURRQ
&DSH9HUGH
&HQWUDO$IULFDQ5HS
&KDG
&RPRURV
&RQJR'HP5HS
&RQJR5HS
&{WHG¶,YRLUH
'MLERXWL

(J\SW
(TXDWRULDO*XLQHD
(WKLRSLD
*DERQ
*DPELD
*KDQD
*XLQHD
*XLQHD%LVVDX
.HQ\D
/HVRWKR
/LEHULD
/LE\D
0DGDJDVFDU
0DODZL
0DOL
0DXULWDQLD
0DXULWLXV
0RURFFR
0R]DPELTXH
1DPLELD
1LJHU
1LJHULD
5ZDQGD
6mR7RPpDQG3UtQFLSH
6HQHJDO
6H\FKHOOHV
6LHUUD/HRQH
6RXWK$IULFD
6XGDQ
6ZD]LODQG

7DQ]DQLD
7RJR
7XQLVLD
8JDQGD
=DPELD
=LPEDEZH
7
Executive Summary
$IULFDVHFRQRPLHVKDYHZHDWKHUHGWKHJOREDOHFRQRPLFDQG¿QDQFLDOFULVLVUHODWLYHO\ZHOODQGKDYH
UHERXQGHGLQ 7KHFRQWLQHQWLVH[SHFWHG WRFRQWLQXHRQ LWVSDWKRIUHFRYHU\DOWKRXJKVHULRXV
KHDGZLQGVZHLJKRQWKHPRPHQWXPIRUH[SDQVLRQLQQRWDEO\WKHSROLWLFDOHYHQWVLQ1RUWK$IULFD
DQGWKHKLJKIXHODQGIRRGSULFHV7KHGLVPDOVLWXDWLRQLQ/LE\DDQG&{WHG,YRLUHVKRZVRQFHDJDLQ
KRZFLWL]HQVVXIIHUDQGHFRQRPLHVDUHEURXJKWWRDKDOWZKHQSROLWLFDOWUDQVLWLRQVDUHQRWSXUVXHGLQD
SHDFHIXOZD\
3DUW , RI WKLV \HDU¶V $IULFDQ (FRQRPLF 2XWORRN DQDO\VHV $IULFD¶V PDFURHFRQRPLF DQG VWUXFWXUDO
GHYHORSPHQWV,WH[DPLQHVKRZWKH$IULFDQFRQWLQHQWLWVUHJLRQVDQGFRXQWULHVKDYHIDUHGGXULQJWKH
JOREDOFULVLVDQGIRUHFDVWVHFRQRPLFGHYHORSPHQWVLQDQG,WGHVFULEHVFKDQJHVLQH[WHUQDO
¿QDQFLDOÀRZVDQGGLVFXVVHVWUDGHSROLFLHVDQGPHDVXUHVWRIRVWHUUHJLRQDOLQWHJUDWLRQ)XUWKHUPRUH
LWGLVFXVVHVZK\SRYHUW\UHGXFWLRQKDVUHPDLQHGUHODWLYHO\VORZLQ$IULFDDQGFKDUDFWHULVHVWKHVWDWXV
DQGWUHQGVRIKXPDQGHYHORSPHQW
3DUW,,H[SORUHVWKHUHODWLRQVKLSEHWZHHQ$IULFDDQGLWVHPHUJLQJSDUWQHUVDQGFDVWVQHZOLJKWRQ
WKHLPSDFWVIRU$IULFDVGHYHORSPHQW
Africa’s Performance and Prospects
Macroeconomic Prospects
$IULFDVHFRQRPLHVKDYHUHERXQGHGIURPWKHVOXPSZKLFKKDGEHHQFDXVHGE\WKHJOREDOUHFHVVLRQ
,Q  $IULFDV DYHUDJH UDWH RI JURZWK DPRXQWHGWRXSIURP  LQ  7KH SROLWLFDO
HYHQWVLQ1RUWK$IULFDDUHOLNHO\WRGHSUHVVWKHFRQWLQHQW¶V JURZWK WR  LQ  +RZHYHUWKLV
IRUHFDVWLVVXUURXQGHGE\FRQVLGHUDEOHXQFHUWDLQW\5LVNVDUHUHODWHGWRWKHJOREDOHFRQRP\QRWDEO\
WKHLPSDFWRIWKHHDUWKTXDNHDQGQXFOHDUFULVLVLQ-DSDQDQGWR$IULFDLQSDUWLFXODUWKHGHYHORSPHQW

LQ /LE\D DQG &{WH G,YRLUH DQG KRZ WKLV DIIHFWV QHLJKERXULQJ FRXQWULHV :LWK WKH DVVXPSWLRQ WKDW
HFRQRPLFQRUPDOLW\UHWXUQVLQWKHVHFRXQWULHV$IULFDVDYHUDJHJURZWKLVH[SHFWHGWRDFFHOHUDWHWR
LQ
1RUWK$IULFDLVH[SHFWHGWREHWKHRQO\UHJLRQZLWKORZHUJURZWKLQFRPSDUHGWRWKHSUHYLRXV
\HDUOHVVWKDQDIWHULQ8QGHUWKHDVVXPSWLRQRIDUHWXUQWRQRUPDOHFRQRPLFOLIH
JURZWKRIWKHUHJLRQLVH[SHFWHGWRUHERXQGDJDLQLQ(DVW$IULFDLVOLNHO\WRFRQWLQXHRQLWVJURZWK
SDWKRIDERYHGXULQJWKHSURMHFWLRQSHULRGZKLOHJURZWKLQ:HVW$IULFDLVH[SHFWHGWRGHFHOHUDWH
WREHORZGXHWRWKHHYHQWVLQ&{WHG,YRLUH,Q6RXWKHUQ$IULFDDQGLQ&HQWUDO$IULFDJURZWKLV
SURMHFWHGWRDFFHOHUDWHEXWUHPDLQORZHUWKDQLQ(DVWDQG:HVW$IULFD
0RQHWDU\SROLFLHVDUHH[SHFWHGWRJUDGXDOO\WLJKWHQWRUHVSRQGWRLQÀDWLRQFRQFHUQVUHODWHGWRKLJKHU
IRRGDQGHQHUJ\SULFHV%XWDVLQPRVWFRXQWULHVXQGHUO\LQJLQÀDWLRQDU\SUHVVXUHVDUHH[SHFWHGWR
UHPDLQVXEGXHGWKHUHLVQRQHHGIRUYLJRURXVWLJKWHQLQJ3ROLFLHVVKRXOGIRFXVPRUHRQFRUHLQÀDWLRQ
DQGLQÀDWLRQH[SHFWDWLRQVUDWKHUWKDQRQWKHWHPSRUDU\LQFUHDVHRIKHDGOLQHLQÀDWLRQ
$IULFDVDYHUDJH¿VFDOGH¿FLWLVH[SHFWHGWRLQFUHDVHLQWREHORZRI*'3EXWGHFOLQHDJDLQ
WRVOLJKWO\DERYHLQ%XWWKHDYHUDJHPDVNVODUJHGLIIHUHQFHVDFURVVFRXQWULHV+RZHYHULI
GLVEXUVHPHQWVRI2'$IDOOVKRUWRIH[SHFWDWLRQVDVGRQRUFRXQWULHVDUHIDFLQJ¿VFDOSUREOHPVDQGLI
$IULFDQJRYHUQPHQWVLQWURGXFHIRRGDQGIXHOVXEVLGLHVWRSURWHFWKRXVHKROGVIURPKLJKSULFHVGH¿FLWV
FRXOGEHVLJQL¿FDQWO\ODUJHU)XUWKHUPRUHWKHODUJHQXPEHURIQDWLRQDOHOHFWLRQVRQWKHFRQWLQHQWWKLV
\HDUDOVREHDUVWKHULVNWKDWRI¿FHKROGHUVZLOOUDLVHVSHQGLQJWRJHWSROLWLFDOVXSSRUWIURPYRWHUVDQG
VXFK³HOHFWLRQF\FOHSROLWLFV´ZRXOGDOVRXQGHUPLQH¿VFDOFRQVROLGDWLRQ
$IWHUWKHGHWHULRUDWLRQLQZKLFKKDGEHHQFDXVHGE\WKHIDOOLQFRPPRGLW\SULFHVDQGH[SRUW
YROXPHVH[WHUQDOSRVLWLRQVLPSURYHGDVFRPPRGLW\SULFHVDQGH[SRUWYROXPHVUHFRYHUHG%XWFXUUHQW
DFFRXQW SRVLWLRQV KDYH JHQHUDOO\QRW UHJDLQHG WKH OHYHOV SULRU WR WKH JOREDO FULVLVDQGLQVRPH RLO
LPSRUWLQJFRXQWULHVLPEDODQFHVDUHZLGHQLQJ
9
7KHFXUUHQWHFRQRPLFUHFRYHU\LQ$IULFDLVOLNHO\WRUHGXFHWKHF\FOLFDOFRPSRQHQWRIXQHPSOR\PHQW
EXWVWUXFWXUDOXQHPSOR\PHQWUHPDLQVKLJKLQPDQ\FRXQWULHV,Q1RUWK$IULFDZKHUHHFRQRPLFDFWLYLW\
KDV EHHQ GLVUXSWHG E\ WKH SROLWLFDO XSKHDYDOVXQHPSOR\PHQWLV OLNHO\ WR IXUWKHU LQFUHDVH LQ
<RXWKXQHPSOR\PHQWKDVORQJEHHQDPDMRUSUREOHPLQ1RUWK$IULFDEXWDOVRLQPDQ\RWKHU$IULFDQ
FRXQWULHVDQGFRQWULEXWHGWRWKHSROLWLFDOXQUHVWZKLFKOHGWRWKHRYHUWKURZRIJRYHUQPHQWVLQ7XQLVLD

DQG (J\SW /DERXU PDUNHWV KDYH QRW EHHQ ÀH[LEOH HQRXJK WR DEVRUE WKH JURZLQJ VXSSO\ RI \RXQJ
ZRUNHUV*LYHQ$IULFDVUDSLGO\JURZLQJSRSXODWLRQWKHGHPRJUDSKLFSUHVVXUHRQODERXUPDUNHWVZLOO
FRQWLQXHLQPDQ\$IULFDQFRXQWULHV%XWLQ1RUWK$IULFDDQG6RXWKHUQ$IULFDWKHGHPRJUDSKLFSUHVVXUH
RQODERXUPDUNHWVZLOOHDVHDVWKH\RXWKSRSXODWLRQLVSURMHFWHGWRUHPDLQFORVHWRFXUUHQWOHYHOV
$FRPSUHKHQVLYHDSSURDFKLVQHHGHGWRDGGUHVVWKHSUREOHPRIXQHPSOR\PHQWLQJHQHUDODQGRI
\RXWKXQHPSOR\PHQWLQSDUWLFXODU,PSURYHPHQWVDUHQHHGHGERWKRQWKHVXSSO\DQGWKHGHPDQGVLGH
RIODERXUPDUNHWV0RUH QHHGVWREHGRQHWRLPSURYHWKHTXDOLW\RIODERXUVXSSO\ VRWKDWLWEHWWHU
PDWFKHVWKHVNLOOVUHTXLUHGE\HPSOR\HUV7KLVDOVRUHIHUVWRXQLYHUVLW\JUDGXDWHVZKRDUHYXOQHUDEOHWR
XQHPSOR\PHQWLIWKHLUVNLOOVGRQRWPDWFKMREUHTXLUHPHQWV$WWKHVDPHWLPHODERXUGHPDQGQHHGVWR
EHERRVWHGE\IXUWKHULPSURYLQJIUDPHZRUNFRQGLWLRQVIRUHFRQRPLFJURZWKLQJHQHUDODQGIRUSULYDWH
VHFWRUDFWLYLW\LQSDUWLFXODULQFOXGLQJWKURXJKWKHFUHDWLRQRIQHZ¿UPV
$IULFDQ SROLF\ PDNHUVPXVWEHDZDUHRIVHYHUDOVRXUFHVRIJOREDODQGGRPHVWLFULVNV(FRQRPLF
DQG VRFLDO VWDELOLW\ QHHGV WR EH VXVWDLQHG ± RU ZKHUH LW LV GLVUXSWHG ± EH TXLFNO\ UHVWRUHG 3ROLF\
UHTXLUHPHQWV DUH WR SXUVXH SUXGHQW PDFUR SROLFLHV DQG DW WKH VDPH WLPH LPSOHPHQW DSSURSULDWH
PHDVXUHV WR FRSH ZLWK KLJKHU FRPPRGLW\ SULFHV ,Q UHVRXUFHULFK FRXQWULHV SDUW RI WKH ZLQGIDOO
SUR¿WVFRXOGIRUH[DPSOHEHSXWLQWRVRYHUHLJQZHDOWKIXQGVLQRUGHUWRSUHSDUHIRUWKHWLPHZKHQ
SULFHV IDOO DJDLQ RU UHVRXUFHV ZLOO EH GHSOHWHG *LYHQ WKH FXUUHQWO\ KLJK IRRG SULFHV JRYHUQPHQWV
ZKLFK KDYH WKH QHFHVVDU\ UHVRXUFHV PLJKW FRQVLGHU SURWHFWLQJ YXOQHUDEOH JURXSV IURP KXQJHU E\
SURYLGLQJWDUJHWHGVXEVLGLHVZKLOHUHIUDLQLQJIURPFRVWO\IRRGDQGIXHOVXEVLGLHVWRWKHJHQHUDOSXEOLF
)XUWKHUPRUHIUDPHZRUNFRQGLWLRQVIRUIDUPHUVVKRXOGEHIXUWKHULPSURYHGVRWKDWWKH\DUHDEOHWR
LQFUHDVHLQYHVWPHQWDQGSURGXFWLYLW\LQUHVSRQVHWRKLJKHUDJULFXOWXUDOSULFHV
External Financial Flows
'XULQJWKHODVWGHFDGH¿QDQFLDOÀRZVWR$IULFDKDYHLQFUHDVHG UDSLGO\%HWZHHQDQG
WKHVXPRI)RUHLJQ'LUHFW,QYHVWPHQW)',SRUWIROLRLQYHVWPHQWDQG2I¿FLDO'HYHORSPHQW$VVLVWDQFH
2'$LQFUHDVHGDOPRVW¿YHIROGIURP86'ELOOLRQWR86'ELOOLRQ
)',LVDQHVSHFLDOO\LPSRUWDQWVRXUFHRILQYHVWPHQWLQ$IULFDDQGRYHUWKHODVWGHFDGHKDVDPRXQWHG
WR RQH ¿IWK RI $IULFDV JURVV ¿[HG FDSLWDO IRUPDWLRQ )', WR $IULFDQ FRXQWULHV SHDNHG LQ  DW
86'ELOOLRQ¿YHWLPHVWKHYDOXHRI)',UHFHLSWVLQ'XULQJWKHJOREDOFULVLVLQ$IULFDV
)',LQÀRZVIHOO E\WR 86'ELOOLRQ (VWLPDWHVIRU SRLQWWRD IXUWKHUGHFOLQHWR DURXQG
86'ELOOLRQ/RRNLQJIRUZDUGWKHJOREDOUHFRYHU\ZLWKKLJKJURZWKLQHPHUJLQJFRXQWULHVKLJK

FRPPRGLW\SULFHVDQGLPSURYHPHQWVLQHFRQRPLFFRQGLWLRQVLQPDQ\$IULFDQFRXQWULHVVKRXOGIXUWKHU
VWLPXODWH)',LQ$IULFD+RZHYHUWKHUHFHQWSROLWLFDOHYHQWVLQSDUWVRI$IULFDQRWDEO\1RUWK$IULFDZLWK
WKHZDULQ/LE\DZLOOOLNHO\KROGRIIIRUHLJQLQYHVWRUVLQWKLVUHJLRQ,QUHFHQW\HDUV1RUWK$IULFDKDV
EHHQWKHWRSGHVWLQDWLRQUHJLRQIRU)',LQ$IULFDUHFHLYLQJDOLWWOHPRUHWKDQRQHWKLUGRIDOO)',ÀRZV
WR$IULFD
$IULFDV)',LQÀRZVFRQWLQXHWREHXQHYHQO\GLVWULEXWHGZLWKDODUJHVKDUHJRLQJWRDOLPLWHGQXPEHU
RI FRXQWULHV $ERXW WKUHHTXDUWHUV RI $IULFDV )', LV LQYHVWHG LQ RLO H[SRUWLQJ FRXQWULHV $WWUDFWLQJ
LQYHVWPHQWLQWRGLYHUVL¿HGDQGKLJKHUYDOXHDGGHGVHFWRUVUHPDLQVDFKDOOHQJH6RPHSURJUHVVKDV
EHHQ PDGH UHFHQWO\LQWKHVHUYLFHVVHFWRU OHG E\ WHOHFRPPXQLFDWLRQ ZKLFK LV DWWUDFWLQJLQFUHDVHG
LQYHVWRULQWHUHVW
2(&' FRXQWULHV DUHWKHPRVWLPSRUWDQWVRXUFHRI)',ÀRZVWR$IULFDQFRXQWULHVDFFRXQWLQJ IRU
PRUH WKDQ  RI $IULFDV )', LQÀRZV EHWZHHQ  DQG  6RXWK $IULFD (J\SW DQG 1LJHULD
ZHUHPDLQEHQH¿FLDULHVRI2(&'LQYHVWPHQWLQ$IULFDDQGPRVWRI2(&')',LQ$IULFDFDPHIURPWKH
8QLWHG.LQJGRP)UDQFHDQGWKH8QLWHG6WDWHV
'DWD RQ )', WR $IULFD IURPQRQ2(&' FRXQWULHV LV GLI¿FXOW WR REWDLQ $FFRUGLQJ WR LWV VWDWLVWLFDO
EXOOHWLQ&KLQDLQYHVWHG86' ELOOLRQLQVXE6DKDUDQ$IULFDLQUHSUHVHQWLQJDOPRVW RI
10
LWV RXWZDUG )', 7KLVLQYHVWPHQWIURP &KLQD ZDV XS IURP 86'  PLOOLRQ LQ  EXW GHFOLQHGWR
86'ELOOLRQLQ+RZHYHUWKLVQXPEHUXQGHUVWDWHV&KLQDVHQJDJHPHQWDVDFWLYLWLHVRIVWDWH
RZQHGHQWHUSULVHVRIWHQLQYROYHDUDQJHRIRWKHU¿QDQFLQJLQVWUXPHQWVDQGDUHQRWFRXQWHGDV)',
)',RIRWKHUHPHUJLQJHFRQRPLHVLVDOVRODUJHO\LQH[WUDFWLYHLQGXVWULHVEXWVRPHWLPHVFRPELQHV
LQYHVWPHQW LQ PLQLQJ ZLWK WKH GHYHORSPHQW RI LQGXVWULDO FRPSOH[HV IRU WKHVH VHFWRUV DQG WKH
FRQVWUXFWLRQRIQHFHVVDU\LQIUDVWUXFWXUH0RUHRYHUHPHUJLQJHFRQRPLHVDOVRLQYHVWLQPDQXIDFWXULQJ
DWDQLQFUHDVLQJUDWH
,QWUD$IULFDQ)',KDVHTXDOO\JDLQHGLQLPSRUWDQFHZLWKPRVWRILWPDGHLQQHLJKERXULQJFRXQWULHV
IRFXVVLQJRQPDQXIDFWXULQJDQGVHUYLFHVWKXVERRVWLQJUHJLRQDOLQWHJUDWLRQDQGDOVRFRQWULEXWLQJWR
GLYHUVL¿FDWLRQ6RXWK$IULFDLVWKHPRVWYLWDOVRXUFHRILQWUD$IULFDQ)',/LE\DKDVLQYHVWHGLQPDQ\
$IULFDQFRXQWULHVDQG(J\SW0RURFFRDQG7XQLVLDKDYHDOVRLQYHVWHGODUJHSDUWVRIWKHLURXWZDUG)',
VWRFNV LQ $IULFD *LYHQ WKLVLPSRUWDQFH RI 1RUWK $IULFD DV DVRXUFH RI LQWUD$IULFDQ )',WKHUHFHQW
SROLWLFDOWXUPRLOLQWKLVUHJLRQZLOOOLNHO\KDYHDGYHUVHHIIHFWVRQ)',LQÀRZVRI$IULFDQFRXQWULHVLQWKH

QHDUWHUP
2'$ WR $IULFD KDV EHHQ ULVLQJ VWHDGLO\ RYHU WKH ODVW GHFDGH IURP 86'  ELOOLRQ LQ  WR
86'ELOOLRQLQ'HVSLWHWKLVLQFUHDVHGRQRUVULVNIDLOLQJWRPHHWWKHLU*OHQHDJOHVFRPPLWPHQWV
PDGHLQ,QRYHUDOO2'$WR$IULFDZDVDOPRVWDTXDUWHUVKRUWRIWKHWDUJHW1HWELODWHUDO
2'$IURP'$&GRQRUVWR$IULFDWRWDOOHG86'ELOOLRQLQRIZKLFK86'ELOOLRQZHQWWRVXE
6DKDUDQ$IULFD7KLVQXPEHUUHSUHVHQWVDQLQFUHDVHRILQUHDOWHUPVRYHUIRUDOORI$IULFDDQG
DQLQFUHDVHRIIRUVXE6DKDUDQ$IULFDDQLQFUHDVHZKLFKKHOSHG$IULFDQFRXQWULHVWRPLWLJDWH
WKHDGYHUVHHIIHFWRIWKHJOREDOHFRQRPLFFULVLV
$PRQJ QRQ'$& PHPEHUV &KLQD ,QGLD DQG 6DXGL $UDELD DUH WKH PRVW LPSRUWDQW SURYLGHUV RI
FRQFHVVLRQDOORDQVDQGJUDQWVWR$IULFD'HYHORSLQJFRXQWU\SDUWQHUVWHQGWRFRPELQHFRPPHUFLDOZLWK
GHYHORSPHQWDOLQWHUHVWVDQG¿QDQFLQJPRGDOLWLHV)RUH[DPSOHH[SRUWFUHGLWVGRQRWIDOOZLWKLQWKH
2'$GH¿QLWLRQEXWWKH\SOD\DQLQFUHDVLQJO\ODUJHUROHLQUHODWLRQVEHWZHHQ$IULFDDQGLWVGHYHORSLQJ
FRXQWU\SDUWQHUV
Trade Policies and Regional Integration
$IULFDQWUDGHKDVUHERXQGHGLQVSXUUHGE\WKHUHFRYHU\RIJOREDOWUDGHDQGLQSDUWLFXODUGHPDQG
IURPHPHUJLQJPDUNHWV$JURZLQJVHUYLFHVWUDGHKDVDOVREHHQFRQVLVWHQWZLWKJOREDOWUHQGVRYHUWKH
SDVW\HDUVVLJQDOOLQJ$IULFD¶VLQFUHDVLQJSRWHQWLDODQGSURVSHFWVLQGLIIHUHQWVHUYLFHVVXEVHFWRUV
3URJUHVVXQGHUWKH'RKD'HYHORSPHQW5RXQG''5DQGWKH(FRQRPLF3DUWQHUVKLS$JUHHPHQWV(3$
QHJRWLDWLRQVFRQWLQXHVWREHVORZDQGKLJKO\FRQWLQJHQWXSRQFRPSURPLVHVEHWZHHQWKHSDUWLHVZKLFK
DLPWREDODQFHSROLF\VSDFHGHYHORSPHQWDOJRDOVDQGGHHSHUPDUNHWDFFHVV)XUWKHUWKHG\QDPLFVRI
RWKHUWUDGHUHODWLRQVIRU$IULFDQRWDEO\XQGHUWUDGHSUHIHUHQFHVFKHPHVVXFKDVWKH$IULFDQ*URZWK
DQG2SSRUWXQLW\$FW$*2$DQG6RXWK6RXWKFRRSHUDWLRQWKURXJKWUDGHDQGLQYHVWPHQWZLWK&KLQD
KDYHJDLQHG LQFUHDVLQJLPSRUWDQFHLQWKH$IULFDQHFRQRPLFGHYHORSPHQWDQGGLYHUVL¿FDWLRQDJHQGD
RYHUWKHSDVW\HDUV
$IULFDQOHDGHUVKDYHWDNHQDQXPEHURILQLWLDWLYHVDLPHGDWDGYDQFLQJWKHUHJLRQDOLQWHJUDWLRQSURFHVV
LQ$IULFD,QSDUWLFXODUWKHGHYHORSPHQWRI0LQLPXP,QWHJUDWLRQ3URJUDPPHVWKHUDWLRQDOLVDWLRQRIWKH
5HJLRQDO(FRQRPLF&RPPXQLWLHV5(&VDQGWKHUHFRJQLWLRQRIHLJKW5(&VDVWKHPDLQEXLOGLQJEORFNV
RIWKH$IULFDQ8QLRQKDYHKHOSHGWKHVH&RPPXQLWLHVWRFRQWLQXHWRSOD\DVLJQL¿FDQWUROHLQDFKLHYLQJ
$IULFD¶VUHJLRQDOLQWHJUDWLRQYLVLRQ
6RPH5(&VVXFKDV(FRQRPLF&RPPXQLW\RI:HVW$IULFDQ6WDWHV(&2:$6(FRQRPLF&RPPXQLW\

RI&HQWUDO$IULFDQ6WDWHV(&&$6&RPPRQ0DUNHWRI(DVWHUQ6RXWKHUQ$IULFD&20(6$6RXWKHUQ
$IULFDQ 'HYHORSPHQW &RPPXQLW\ 6$'& DQG (DVW $IULFDQ &RPPXQLW\ ($& KDYH HVWDEOLVKHG )UHH
7UDGH$UHDVZKLOHRWKHUVVXFKDV&RPPXQLW\RI6DKHO6DKDUDQ6WDWHV&(16$'DUHVWHDGLO\ZRUNLQJ
WRZDUGV WKLV REMHFWLYH )XUWKHUPRUH ($& DQG &20(6$ ODXQFKHG WKHLU FXVWRPVXQLRQV LQ  DQG
UHVSHFWLYHO\ZKLOH6$'&DQG(&&$6DUHH[SHFWHGWRGRVRVRRQDQG(&2:$6LVH[SHFWHGWR
IROORZVXLWLQ7KH$UDE0DJKUHE8QLRQ80$&(16$'DQGWKH,QWHUJRYHUQPHQWDO$XWKRULW\
'HYHORSPHQW,*$'DUHWRLPSOHPHQWWKHLUFXVWRPVXQLRQSURMHFWVLQWKHQHDUIXWXUH,QDGGLWLRQWR
11
WKHVHVWULGHVVRPH5(&VVHHNDOVRWRKDUPRQLVHWKHLUDJHQGDVIRUHVWDEOLVKLQJ)UHH7UDGH$UHDV)7$
WRFUHDWHODUJHUWUDGLQJEORFVVXFKDVDJUDQG)7$EHWZHHQ6$'&&20(6$DQG($&
'HVSLWH WKHVH SURPLVLQJ GHYHORSPHQWV FKDOOHQJHV ZKLFK VLJQL¿FDQWO\ DIIHFW WKH 5(&V LQFOXGH
WKHSUHYDOHQFHRISROLWLFDOLQVWDELOLW\LQVRPHSDUWVRIWKHFRQWLQHQWODFNRIHFRQRPLFGLYHUVL¿FDWLRQ
FRQWLQXHG PXOWLSOH DQG RYHUODSSLQJ PHPEHUVKLSV LQDGHTXDWH ¿QDQFLDO UHVRXUFHV WR EXWWUHVV WKH
LQWHJUDWLRQSURFHVVHVDQGSRRULPSOHPHQWDWLRQRIFRPPRQO\DJUHHGSURWRFROVDQGGHFLVLRQV
7KHUH DUH DOVR FKDOOHQJHV FRQFHUQLQJ FRQQHFWLYLW\5HJLRQDOLQIUDVWUXFWXUHGHYHORSPHQWLQ$IULFD
LVFUXFLDOIRUHFRQRPLFJURZWKDQGVXVWDLQDEOHGHYHORSPHQW'HVSLWHHIIRUWVWRLPSOHPHQWDFRKHUHQW
SURJUDPPHRIDFWLYLWLHVLQWKHDUHDVRIHQHUJ\WUDQVSRUWDQGFRPPXQLFDWLRQV$IULFDUHPDLQVRQHRI
WKHFRQWLQHQWVZLWKZHDNLQIUDVWUXFWXUHQHWZRUNVWKLVFRQWULEXWHVVLJQL¿FDQWO\WRKLJKHUSURGXFWLRQ
DQGWUDQVDFWLRQFRVWVDQGXQGHUPLQHVWKHFRPSHWLWLYHQHVVRIEXVLQHVVHV
7KH FXUUHQW VWDWXV RI LQIUDVWUXFWXUH GHYHORSPHQWV LQ $IULFD UHPDLQV PL[HG 6RPH VHFWRUV KDYH
UHFRUGHGVLJQL¿FDQWSURJUHVVZKLOHRWKHUVDUHODJJLQJ7KHVLWXDWLRQLQWKHFRQWLQHQWLVFKDUDFWHULVHG
E\LQVXI¿FLHQWDQGORZTXDOLW\LQIUDVWUXFWXUHRQWKHRQHKDQGDQGLQHI¿FLHQWDQGH[SHQVLYHVHUYLFHV
RQWKHRWKHU)RUH[DPSOHRQO\RIURDGQHWZRUNVLQ$IULFDDUHSDYHGDQGWUDQVSRUWVHUYLFHVDUH
H[SHQVLYHGXHWRVXSSOLHUFDUWHOV7RRYHUFRPHWKHVHVKRUWFRPLQJVFRQWLQHQWDOHIIRUWVLQWKH¿HOGRI
URDGVGHYHORSPHQWLQFOXGHWUDQV$IULFDQKLJKZD\V
(YHQOHVVVDWLVIDFWRU\LVWKHVLWXDWLRQRIWKHUDLOZD\QHWZRUNZKLFKLQFRPSDULVRQWRRWKHUUHJLRQV
DQGFRQWLQHQWVVKRZVDYHU\ORZGHQVLW\,QDGGLWLRQWKHQHWZRUNLVJHQHUDOO\ROGDQGWHFKQLFDOO\RXW
GDWHGUHVXOWLQJLQDORZVKDUHRIUDLOIUHLJKWLQLQWUD$IULFDQWUDGH
)LQDOO\WKHJOREDOSLFWXUHRI$IULFD¶VVKDUHLQDLUWUDQVSRUWUHPDLQVPRGHVWUHO\LQJPRVWO\RQWKUHH
PDMRUKXEVQDPHO\-RKDQQHVEXUJ1DLURELDQG$GGLV$EDED6RXWK$IULFDQ$LUZD\V.HQ\D$LUZD\V

DQG(WKLRSLDQ$LUOLQHVUHPDLQWKHWKUHHPDMRUDLUOLQHVLQ$IULFD,Q$IULFD¶VVKDUHZDVRI
SDVVHQJHUWUDI¿FDQGDSSUR[LPDWHO\RIIUHLJKW
Human Development
7KH LQWHUQDWLRQDO FRPPXQLW\ VHW WKH JRDO RI HUDGLFDWLQJ H[WUHPH SRYHUW\ DQG KXQJHU LQ WKH
0LOOHQQLXP 'HFODUDWLRQ DGRSWHG LQ  7KH FRPPXQLW\ VSHFL¿HG WZR WDUJHWV LQ WKH 0LOOHQQLXP
'HYHORSPHQW *RDOV 0'*V RYHU WKH SHULRG  KDOYLQJ WKH SURSRUWLRQ RI SHRSOH ZKRVH
LQFRPH LV OHVV WKDQ  86 GROODU D GD\ XVLQJ  SXUFKDVLQJ SRZHU SDULWLHV 333 DQG KDOYLQJ
WKH QXPEHU RI SHRSOH VXIIHULQJ IURP KXQJHU 7KH SRYHUW\ OLQH ZDV UHYLVHG WR 86'  LQ 
333V DIWHU HVWLPDWHV IRU SXUFKDVLQJ SRZHU SDULW\ H[FKDQJH UDWHV ZHUH UHYLVHG LQ ODWH 
)URPLQWKHUDWHRISRYHUW\LQFUHDVHGWRLQEHIRUHGHFOLQLQJWRLQ
WKHODVW\HDUIRUZKLFKFRPSDUDEOHGDWDLVDYDLODEOH,WKDVEHHQHVWLPDWHGWKDWDVDUHVXOWRIVORZHU
JURZWKLQWKHZDNHRIWKHJOREDOFULVLVDQGWKHUHERXQGRIIRRGSULFHVSRYHUW\PLJKWKDYHLQFUHDVHG
LQDQG
:KLOH$IULFDKDVPDGHSURJUHVVLQUHGXFLQJSRYHUW\EHWZHHQDQGWKHUDWHRISRYHUW\
UHGXFWLRQKDVEHHQVORZUHODWLYHWRRWKHUGHYHORSLQJUHJLRQVGXHWRWKUHHPDLQIDFWRUV)LUVW$IULFD
H[SHULHQFHGUHODWLYHO\KLJKOHYHOVRIHFRQRPLFJURZWKRQO\VLQFHWKHVVRWKHJURZWKUDWHVGXULQJ
WKHVZHUHQRWKLJKHQRXJKWRPDNHDVXEVWDQWLDOLPSDFWRQSRYHUW\,QRUGHUWRKDOYHSRYHUW\
E\DFURVVFRXQWU\HFRQRPHWULFDQDO\VLVHVWDEOLVKHGWKDW$IULFDQHFRQRPLHVZRXOGQHHGWRJURZ
E\SHU\HDURQDYHUDJH'HVSLWHDFOHDUO\LPSURYHGJURZWKSHUIRUPDQFHLQWKH¿UVWGHFDGHRIWKH
QHZFHQWXU\ZLWKDYHUDJHJURZWKRI$IULFDUHPDLQHGEHORZWKLVPDUN6HFRQGJURZWKLQ$IULFD
KDVQRWEHHQKLJKHQRXJKLQVHFWRUVZKHUHWKHSRRUOLYHRUZRUN$OWKRXJKWKLVVLWXDWLRQKDVLPSURYHG
LQPDQ\FRXQWULHVVLQFH$IULFD¶VJURZWKRIWHQRULJLQDWHGIURPVHFWRUVZLWKZHDNOLQNDJHVWRWKH
UHVWRIWKHHFRQRP\VXFKDVWKHPLQHUDODQGRLOVHFWRUVVRWKDWWKHHFRQRPLFH[SDQVLRQKDVKDG
OLWWOHLPSDFWRQMREFUHDWLRQDQGSRYHUW\UHGXFWLRQ7KLUGUHODWLYHO\KLJKLQHTXDOLW\LQ$IULFDUHÀHFWV
WKDWJURZWKEHQH¿WHGDVPDOO SDUWRIWKHSRSXODWLRQDQGWKHEHQH¿WVWRWKHSRRUZHUHOLPLWHG ,Q
WKLVUHJDUGSRYHUW\UHGXFWLRQSROLFLHVZLOOQHHGWRFRPELQHKLJKHFRQRPLFJURZWKZLWKDUHGXFWLRQLQ
LQHTXDOLW\ZKLOHHQVXULQJWKDWWKHVRXUFHVRIHFRQRPLFJURZWKDUHEURDGEDVHG
7KH OLPLWDWLRQV RI LQFRPHEDVHG PHDVXUHV RI SURJUHVV DQG ZHOOEHLQJ PRWLYDWHG WKH FUHDWLRQ RI
WKH +XPDQ 'HYHORSPHQW ,QGH[ +', E\ 81'3 LQ  7KLV PHDVXUH UHÀHFWV D SHRSOHFHQWUHG
12

XQGHUVWDQGLQJRIGHYHORSPHQW,WPHDVXUHVKXPDQGHYHORSPHQWE\LQWHJUDWLQJLQGLFDWRUVRIHGXFDWLRQ
DQGKHDOWKZLWKLQFRPH$OWKRXJKE\$IULFDDVDZKROHKDGWKHORZHVW+',RIDQ\UHJLRQWKH
WUHQG EHWZHHQ  DQG  VKRZV WKDW DOO $IULFDQ FRXQWULHV H[FHSW =LPEDEZH LPSURYHG WKHLU
KXPDQ GHYHORSPHQW VFRUH 6XE6DKDUDQ $IULFD PDGH RQ DYHUDJHWKHPRVWUDSLGSURJUHVVRIDQ\
UHJLRQ7KHUHJLRQDO+',LQFUHDVHGE\IROORZHGE\6RXWK$VLDZKHUHWKHLQFUHDVHZDVRYHU
WKHVDPHSHULRG7KLVLPSURYHPHQWZDVGXHWRULVLQJLQFRPHSHUFDSLWDLQWKHVLQPRVW$IULFDQ
FRXQWULHVDQGWRJHQXLQHSURJUHVVLQDFFHVVWRNQRZOHGJHDQGEHWWHUKHDOWKRXWFRPHV
$VH[SHFWHGDQ,QHTXDOLW\$GMXVWHG+XPDQ'HYHORSPHQW,QGH[,+',VKRZVWKDWUHODWLYHO\KLJK
OHYHOV RI LQFRPH LQHTXDOLW\ DUH DVVRFLDWHG ZLWK ORZ KXPDQ GHYHORSPHQW ,Q FRQWUDVW WKH *HQGHU
,QHTXDOLW\ ,QGH[ *,, VKRZV D IHZ $IULFDQ FRXQWULHV SHUIRUPLQJ PXFK EHWWHU WKDQ RQ WKH RWKHU
GLPHQVLRQVRIKXPDQGHYHORSPHQW7KHLPSOLFDWLRQLVWKDWVRPHGLPHQVLRQVRIKXPDQGHYHORSPHQW
HJ JHQGHU HTXDOLW\ FDQ EH VLJQL¿FDQWO\ LPSURYHG HYHQ LQ YHU\ SRRU FRXQWULHV DV WKH\ GR QRW
QHFHVVDULO\ UHTXLUH ¿QDQFLDO UHVRXUFHV ZKLFK FRQVWLWXWH RQH RI WKH PRVW ELQGLQJ FRQVWUDLQWV WR
GHYHORSPHQWLQVXFKFRXQWULHV
7RVXVWDLQSURJUHVVLQKXPDQGHYHORSPHQW$IULFDZLOOQHHGWRWDNHVLPXOWDQHRXVDFWLRQVRQVHYHUDO
IURQWVUDWKHUWKDQIRFXV RQ RQO\ RQH REMHFWLYH)RU H[DPSOH HFRQRPLF JURZWKZLOOLPSURYHKXPDQ
GHYHORSPHQWLILWLVLQFOXVLYHDQGSURSRRU6LPLODUO\LQYHVWLQJLQVRFLDOVHFWRUVZLOOSURGXFHVXVWDLQDEOH
KXPDQGHYHORSPHQWLILQYHVWPHQWLVDFFRPSDQLHGE\HIIRUWVWRFUHDWHPRUHHFRQRPLFRSSRUWXQLWLHV
WKDWEHQH¿WDODUJHVHJPHQWRIWKHSRSXODWLRQ0RUHRYHUVRPHGLPHQVLRQVRIKXPDQGHYHORSPHQW
IRUH[DPSOHJHQGHUHTXDOLW\ZLOOLPSURYHLI$IULFDQJRYHUQPHQWVPDNHWKHGHOLEHUDWHFKRLFHWRSXUVXH
SROLFLHVWKDWSURPRWHJHQGHUHTXDOLW\,QWKLVUHJDUGWKHTXDOLW\RIHFRQRPLFSROLF\ZLOOSUREDEO\EHDV
LPSRUWDQWDVWKHUHVRXUFHVXVHGWRDGYDQFHWKHFDXVHRIKXPDQGHYHORSPHQWLQ$IULFD
Political and Economic Governance
7KH¿UVWTXDUWHURIKDVEHHQDPRQJWKHPRVWWXUEXOHQWLQ$IULFD¶VKLVWRU\3HDFHIXOSRSXODU
XSULVLQJV WRSSOHG ORQJVWDQGLQJ DXWKRULWDULDQ UHJLPHV LQ 7XQLVLD DQG (J\SW 1HLJKERXULQJ /LE\D
GHVFHQGHGLQWRDFLYLO ZDULQZKLFKWKHLQWHUQDWLRQDOFRPPXQLW\LQWHUYHQHGZLWKPLOLWDU\IRUFH7KH
IXWXUHGHYHORSPHQWLQ/LE\DDQGWKHUHSHUFXVVLRQVRQLWVQHLJKERXUVDUHGLI¿FXOWWRSUHGLFW
,QWKHFRQWLQHQWZLOOH[SHULHQFHDUHFRUGQXPEHURIQDWLRQDOOHYHOHOHFWLRQVLQFRXQWULHV
$QRXWVWDQGLQJHOHFWRUDOHYHQWKDVEHHQ6RXWKHUQ6XGDQ¶VSHDFHIXO-DQXDU\UHIHUHQGXPLQIDYRXURI
VHSDUDWLRQIURP1RUWKHUQ6XGDQ7KLVZLOOFRPHLQWRIRUFHLQ-XO\

,QFRXQWULHVKHOGODUJHO\SHDFHIXOHOHFWLRQV7KHSUHVLGHQWLDOHOHFWLRQLQ*XLQHDWKDWSXW
DQHQGWRWKHLQVWLWXWLRQDOFULVLVJHQHUDWHGE\WKHFRXSG¶pWDWLQDQGWKHSHDFHIXOFRQVWLWXWLRQDO
UHIHUHQGXPLQ.HQ\DZHUHVLJQL¿FDQWPLOHVWRQHVDIWHUWKHSRVWHOHFWLRQYLROHQFHLQ7KHFULVLV
DQGZLGHVSUHDGYLROHQFHLQ&{WHG¶,YRLUHDIWHUDFRQWHVWHGSUHVLGHQWLDOHOHFWLRQLQ1RYHPEHUPDUNHG
WKHORZSRLQW
7KHUHSRUWWDNHVVWRFNRI$IULFDVSROLWLFDODQGHFRQRPLFJRYHUQDQFHLQEDVHGRQWKHVDPH
PHDVXUHVDVLQODVW\HDUV$(27KHPDLQ¿QGLQJVRIWKLVVWRFNWDNLQJDUH
 ZDVD\HDURILQWHQVLI\LQJFLYLOSURWHVWVDVPHDVXUHGE\WKHQXPEHURIGHPRQVWUDWLRQV
DQGVWULNHVSRLQWLQJWRWKHKLJKOHYHORIHFRQRPLFDQGRWKHUJULHYDQFHVIHOWE\PDQ\$IULFDQ
SRSXODWLRQV<HWZDVDOVRD\HDURIGHFUHDVLQJYLROHQFHZKLFKSRLQWVWRDSRVLWLYHWUHQGRI
PRUHSHDFHIXODQGGHPRFUDWLFH[SUHVVLRQVRIGHPDQGVWKDWERGHVZHOOIRU$IULFD¶VGHYHORSPHQW
 9LROHQFH HUXSWHG LQ VHYHUDO FRXQWULHV PRVW SURPLQHQWO\ WKH SRVWHOHFWLRQ YLROHQFH LQ &{WH
G¶,YRLUHDQGLQWHUUHOLJLRXVFRQÀLFWVLQ1LJHULDDQG(J\SW+RZHYHURIWKHOHJLVODWLYHDQG
SUHVLGHQWLDOHOHFWLRQVKHOGRQO\WKHRQHLQ&{WHG¶,YRLUHZDVIROORZHGE\ODUJHVFDOHYLROHQFH
9LROHQFHDURXQGRWKHUHOHFWLRQVZDVVLJQL¿FDQWEXWRIPLQRUVFDOH
 'HVSLWH DQ LQFUHDVH LQ SXEOLF SURWHVWV JRYHUQPHQW UHVSRQVHV LQ WKH IRUP RI YLROHQFH DQG
UHVWULFWLQJSROLWLFDOPHDVXUHVEDQVRISUHVVGHPRQVWUDWLRQVHWFFRQWLQXHGWKHLUGRZQZDUG
WUHQG 2XU LQGLFDWRU RI SROLWLFDO KDUGHQLQJ ZKLFK FRPELQHV YDULRXV PHDQV RI JRYHUQPHQW
RSSUHVVLRQ LQWR D VLQJOH YDULDEOH LQGLFDWHV WKDW  ZDV WKH \HDU ZLWK WKH PRVW UHOD[HG
VWDQFHRIJRYHUQPHQWVVLQFHWKHEHJLQQLQJRIWKHVHULHVLQ
13
 7KH3ROLWLFDO)UHHGRP,QGH[3),IURP)UHHGRP+RXVHZKLFKPHDVXUHVSROLWLFDOULJKWVDQG
FLYLOOLEHUWLHVFODVVL¿HVQLQH$IULFDQFRXQWULHVDV³IUHH´DV³SDUWO\IUHH´DQGDV³QRWIUHH´
LQ$OOFRXQWULHVWKDWH[SHULHQFHGUHYROWVLQKDGYHU\ORZYDOXHVIRUFLYLOOLEHUWLHV
DQGSROLWLFDOULJKWVDQGZHUHFODVVL¿HGDV³QRWIUHH´&RQFHUQLQJIUHHGRPRIWKHSUHVVSURJUHVV
ZDVPL[HGZLWKFRXQWULHVLPSURYLQJWKHLUUDWLQJZKLOHLQFRXQWULHVWKHVLWXDWLRQIRUWKH
SUHVVZRUVHQHG
 'HVSLWHVLJQL¿FDQWHIIRUWVWR¿JKWSLUDF\DURXQGWKH+RUQRI$IULFDLWLQFUHDVHGVLJQL¿FDQWO\
RYHUWKHODVW\HDUV7KHSLUDWHV¶UDGLXVQRZUHDFKHVIURPWKHFRDVWVRI2PDQWR7DQ]DQLDDQG
DOPRVWUHDFKHVWKH0DOGLYHVDQGFDXVHVVLJQL¿FDQWHFRQRPLFFRVWVWRLQWHUQDWLRQDOWUDGHUVDQG

WKHFRXQWULHVLQWKHUHJLRQ
 &RUUXSWLRQUHPDLQVDVHULRXVSUREOHPLQ$IULFDZLWKRXWRI$IULFDQFRXQWULHVFODVVL¿HGDV
KDYLQJ³UDPSDQWFRUUXSWLRQ´$GGLWLRQDOO\LQFRXQWULHVFRUUXSWLRQLVSHUFHLYHGDVD³VHULRXV
FKDOOHQJH´E\FRXQWU\H[SHUWVDQGEXVLQHVVSHRSOH$VLQRQO\LQ%RWVZDQD0DXULWLXV
DQG&DSH9HUGHLVFRUUXSWLRQSHUFHLYHGDVDOHVVHUFKDOOHQJH
 $QXPEHURI$IULFDQFRXQWULHVUHJLVWHUHGUHPDUNDEOHHFRQRPLFLPSURYHPHQWVZLWKUHVSHFWWR
HFRQRPLFJRYHUQDQFH$FFRUGLQJWR'RLQJ%XVLQHVVDPRQJWKHWRSWKLUW\PRVWLPSURYHG
HFRQRPLHVDWKLUGRIWKHPDUHLQVXE6DKDUDQ$IULFD,QWKHWRSWHQDUHWKUHHVXE6DKDUDQ
$IULFDQFRXQWULHV5ZDQGD&DSH9HUGHDQG=DPELD 7KH LPSURYHGFRQGLWLRQVDUHJHQHUDOO\
DWWULEXWHGWREHWWHUUHJXODWLRQVDQGFRQWLQXHGHDVHRIGRLQJEXVLQHVVLQPDQ\$IULFDQFRXQWULHV
0HDVXUHV IRFXVHG RQIDFLOLWDWLQJ WKH SURFHVV WR VWDUW D EXVLQHVV LPSURYLQJ DFFHVVWR EDQN
FUHGLWVDQGEHWWHUHQIRUFLQJFRQWUDFWV+RZHYHUPXFKUHPDLQVWREHGRQHLQ$IULFDWRXSJUDGH
FRQGLWLRQVIRUGRLQJEXVLQHVVWRLQWHUQDWLRQDOVWDQGDUGV
14
Africa and its Emerging Partners
7KH  HGLWLRQ RI WKLV 2XWORRN¶V WKHPDWLF FKDSWHU LQYHVWLJDWHV WKH ULVH RI $IULFD¶V HPHUJLQJ
SDUWQHUV,WDQDO\VHVSROLF\RSWLRQVIRU$IULFDQSROLF\PDNHUVWRPDNHWKHEHVWRXWRI$IULFD¶VUDSLG
LQWHJUDWLRQ LQWR WKH JOREDO HFRQRP\ 7KH GHFDGH WKDW EHJDQ DW WKH RQVHW RI WKH QHZ FHQWXU\ VDZ
HPHUJLQJ SDUWQHUV VZLIWO\ ULVH IURP D UHODWLYHO\ PDUJLQDO SRVLWLRQ WR RQH RI IXOO\ ÀHGJHG SDUWQHUV
$IULFD¶VWUDGHYROXPHVZLWKLWVHPHUJLQJSDUWQHUVKDYHGRXEOHGLQQRPLQDOYDOXHRYHUWKHGHFDGHDQG
QRZDPRXQWWRRI$IULFDVWRWDOWUDGH:KLOH&KLQDUHSUHVHQWV$IULFD¶VOHDGLQJHPHUJLQJSDUWQHU
KDYLQJVXUSDVVHGWKH8QLWHG6WDWHVLQYROXPHWKHFRQWLQHQW¶VWUDGHZLWKLWVRWKHUHPHUJLQJSDUWQHUV
WDNHQWRJHWKHULVHYHQODUJHUWKDQLWVWUDGHZLWK&KLQDDORQH&KLQDUHSUHVHQWVPRUHWKDQDWKLUGRI
$IULFD¶VWUDGHZLWKHPHUJLQJSDUWQHUV
7KH (8 DQG WKH 86 UHPDLQ WKH PRVW LPSRUWDQW VRXUFHV RI )RUHLJQ 'LUHFW ,QYHVWPHQW )', IRU
$IULFDQFRXQWULHV:KHQLWFRPHVWR2I¿FLDO'HYHORSPHQW$VVLVWDQFH2'$WUDGLWLRQDOSDUWQHUVDOVR
GRPLQDWHDOWKRXJKWKHVKDUHRIHPHUJLQJSDUWQHUVLVJURZLQJIDVW+RZHYHUWKRVHDUHRQO\WKHWLS
RIWKHLFHEHUJHPHUJLQJSDUWQHUVSURYLGH$IULFDZLWKDUDQJHRIDOWHUQDWLYH¿QDQFHPRGDOLWLHVWKDW
GHI\)',DQG2'$GH¿QLWLRQV7KH\WHQGWRDGRSWDPRUHKROLVWLFDSSURDFKWRSURPRWLQJWKHLUH[SRUWV
VXSSRUWLQJGLUHFWLQYHVWPHQWDQGRIIHULQJGHYHORSPHQWDVVLVWDQFH

$IULFD¶VEXVLQHVVUHODWLRQVZLWKHPHUJLQJSDUWQHUVDUHRIWHQFRPSOHPHQWDU\WRWKRVHZLWKWUDGLWLRQDO
SDUWQHUV%HFDXVHRIWKHLU GLYHUVLW\ HPHUJLQJ SDUWQHUVRIIHU$IULFDQFRXQWULHV QHZRSSRUWXQLWLHVWR
H[FKDQJHJRRGVWHFKQRORJ\DQGGHYHORSPHQWPRGHOV7KH\PDNHPDVVFRQVXPSWLRQJRRGVDIIRUGDEOH
WRWKHQDVFHQW$IULFDQPLGGOHFODVVDQGVXSSO\SURGXFWLRQJRRGVDGDSWHGWRWKHSURGXFWLYHFRQGLWLRQV
RIGHYHORSLQJFRXQWULHV7KHVHJRRGVKDYHWKHSRWHQWLDOWRKHOS$IULFDQ¿UPVLQFUHDVHWKHLUSURGXFWLYLW\
DQGPRYHXSJOREDOYDOXHFKDLQV
7KH FRRSHUDWLRQ DFWLYLWLHV RI HPHUJLQJ SDUWQHUV DUH DOVR W\SLFDOO\ FRPSOHPHQWDU\ WR WKRVH
RI WUDGLWLRQDO SDUWQHUV 7KH ODWWHU KDYH IRFXVHG WKHLU DVVLVWDQFH PRVWO\ WKURXJK 2'$ RQ SRYHUW\
UHGXFWLRQKHDOWKHGXFDWLRQDQGJRYHUQDQFH(PHUJLQJSDUWQHUVQRWRQO\&KLQDDUHPRUHIRFXVHGRQ
UHPRYLQJLQIUDVWUXFWXUDOERWWOHQHFNV
$IULFDQPDQXIDFWXUHGH[SRUWVKDYHURXJKO\GRXEOHGRYHUWKHODVW\HDUVPRVWO\GULYHQE\WKH
GHPDQG RI HPHUJLQJ SDUWQHUV )HDUV WKDW WKH LQWHQVLI\LQJ FRRSHUDWLRQ ZLWK HPHUJLQJ SDUWQHUV LV
ERRVWLQJ$IULFDVLQGHEWHGQHVVDUHQRWVXSSRUWHGE\DYDLODEOHHYLGHQFH+RZHYHUDULVNRIUHLQGHEWPHQW
SHUVLVWVSDUWLFXODUO\IRUWKHZHDNHVW$IULFDQVWDWHV6LPLODUO\H[LVWLQJDJJUHJDWHJRYHUQDQFHLQGLFDWRUV
VKRZQRVLJQRIDZRUVHQLQJRIFRUUXSWLRQ3ROLF\DXWRQRP\LVDIIHFWHGGLIIHUHQWO\IRUGLIIHUHQWJURXSV
RI$IULFDQFRXQWULHVWKHUHVRXUFHDEXQGDQWRQHVVWDQGWRZLGHQWKHLUSROLF\VSDFHPRUHWKDQRWKHUV
+RZHYHUWKHVHJHQHUDOEHQLJQWUHQGVGRQRWJXDUDQWHHHFRQRPLFGLYHUVL¿FDWLRQDQGWKXVSROLF\
KDV D UROH WRSOD\ $IULFDQ FRXQWULHV KDYHWRIUDPH WKHLU HQJDJHPHQW ZLWK WKHLU HPHUJLQJ SDUWQHUV
ZLWKLQ D KRPHJURZQ VWUDWHJ\ RI QDWLRQDO GHYHORSPHQW SDUWLFXODUO\ ZLWK UHVSHFW WR ORQJHUWHUP
LQGXVWULDODQGDJULFXOWXUDOSROLF\:KHUHDEVRUSWLRQFDSDFLW\LVORZODUJH LQIUDVWUXFWXUHLQYHVWPHQWV
QHHGWREHDFFRPSDQLHGE\SURSHUEXGJHWLQJRIPDLQWHQDQFHFRVWVDQGFRQVLVWHQF\ZLWKWKHFRXQWU\¶V
GHYHORSPHQWVWUDWHJ\
0RVW $IULFDQ FRXQWULHV VWLOO QHHG WR HQKDQFH WKHLU EDUJDLQLQJ SRVLWLRQ YLVjYLV WUDGLWLRQDO DQG
HPHUJLQJ SDUWQHUV WR HQVXUH WKDW WKHVH SDUWQHUVKLSV DUH DFWXDOO\ PXWXDOO\ EHQH¿FLDO DQG $IULFDQ
FRXQWULHVJHWWKHLUIDLUVKDUHRIWKHEHQH¿WV3ROLF\RSWLRQVLQFOXGHOHYHUDJLQJWKHULVHLQFRPPRGLW\
SULFHV WR QHJRWLDWH WKH VXSSO\ RI LQIUDVWUXFWXUH IRU GLYHUVL¿FDWLRQ LQGXVWULDOLVDWLRQ DQG HFRQRPLF
GHYHORSPHQWDQGKROGLQJWUDGLWLRQDOSDUWQHUVWRDFFRXQWRQWKHLUDLGSURPLVHV
)DVWHU SURJUHVV LQ UHJLRQDO LQWHJUDWLRQ LV LPSHUDWLYH VR WKDW $IULFDQ FRXQWULHV GR QRW HQJDJH
LQ ³LQFHQWLYH ZDUV´ WU\LQJ WR RXWELG HDFK RWKHU IRU )', DQG DLG %HWWHU FRRUGLQDWLRQ PHDQV PRUH
EDUJDLQLQJSRZHU%HVLGHVIURPD¿QDQFLQJSHUVSHFWLYHUHJLRQDOODUJHUVFDOHSURMHFWVZRXOGDWWUDFW

PRUHFRQVLGHUDWLRQIURPHPHUJLQJSDUWQHUVHVSHFLDOO\WKRVHXVLQJ6RYHUHLJQ:HDOWK)XQGV6:)V
7RSURPRWHUHJLRQDOLQWHJUDWLRQ$IULFDQFRXQWULHVFDQOHYHUDJHFRPSOHPHQWDULWLHVEHWZHHQSDUWQHUV
WUDGLWLRQDO SDUWQHUV KDYH WKH PHFKDQLVPV WR VXSSRUW WKH 5HJLRQDO (FRQRPLF &RPPXQLWLHV 5(&V
VHFUHWDULDWVZKLOHHPHUJLQJSDUWQHUVFDQJLYHDGGLWLRQDOLPSHWXVWREXLOGFURVVERUGHULQIUDVWUXFWXUH
7KH\ZRXOGWKHUHE\KHOSWRERRVWLQWUDUHJLRQDOWUDGHLQWXUQFRQWULEXWLQJWRDYLUWXRXVFLUFOHRIGHHSHU
HFRQRPLFLQWHJUDWLRQWKDWZRXOGEULQJFORVHUWRJHWKHUWKHYLVLRQVRIUHJLRQDODFWRUV
15
10th Edition of the African Economic Outlook
$QXQSUHFHGHQWHGFKDQJHLQ$IULFD¶VHFRQRPLFSHUIRUPDQFHDQGZLWKLWDVKLIWLQWKHZD\WKHZRUOG
VHHVWKHFRQWLQHQWKDVRFFXUUHGVLQFHLQGHSHQGHQFHDQGDFFHOHUDWHGPDUNHGO\RYHUWKHODVWWHQ\HDUV
7KH$IULFDQ(FRQRPLF2XWORRN$(2FHOHEUDWLQJLWVWHQWKHGLWLRQWKLV\HDUKDVEHHQPRQLWRULQJLQ
JUHDWGHWDLOWKHHFRQRPLFSXOVHRI$IULFDDQGKDVDFFRPSDQLHG$IULFD¶VJURZWKE\VWLPXODWLQJSROLF\
GLDORJXHLGHQWLI\LQJEHVWSUDFWLFHDQGHQFRXUDJLQJSROLF\UHIRUP
7KH$(2SURYLGHVFRPSUHKHQVLYHFRPSDUDWLYHGDWDDQGDQDO\VLVRI$IULFDQFRXQWULHVFRPSULVLQJ
HFRQRPLF VRFLDO DQGSROLWLFDO WUHQGV KLJKOLJKWLQJ $IULFDQ FRXQWULHV¶ GLVWLQFWLYH KLVWRULHV UHVRXUFHV
DQGSROLWLFDOV\VWHPVLQRUGHUWRXQGHUVWDQGWKHGULYHUVRIWKHFRXQWULHV¶SHUIRUPDQFHDQGVKRUWWHUP
RXWORRN%HWZHHQDQGWKH$(2¶VFRYHUDJHKDVLQFUHDVHGIURPFRXQWULHVWRFRXQWULHV
,Q WKH V WKH VOLJKW UHFRYHU\ H[SHULHQFHG LQ WKH V DFFHOHUDWHG IXUWKHU DQG IRU VRPH
FRXQWULHVLWWXUQHGLQWRDQRXWULJKWERRP3ULRUWRWKHJOREDOHFRQRPLFFULVLV$IULFDHQMR\HGRYHU
DQQXDOJURZWKIRUQHDUO\DGHFDGH
Africas performance from 1961 to 2012: growth of real GDP (percentage)
Ϭ
ϭ
Ϯ
ϯ
ϰ
ϱ
ϲ
ϳ
ϴ

ϭϵϲϭ
ϭϵϲϯ
ϭϵϲϱ
ϭϵϲϳ
ϭϵϲϵ
ϭϵϳϭ
ϭϵϳϯ
ϭϵϳϱ
ϭϵϳϳ
ϭϵϳϵ
ϭϵϴϭ
ϭϵϴϯ
ϭϵϴϱ
ϭϵϴϳ
ϭϵϴϵ
ϭϵϵϭ
ϭϵϵϯ
ϭϵϵϱ
ϭϵϵϳ
ϭϵϵϵ
ϮϬϬϭ
ϮϬϬϯ
ϮϬϬϱ
ϮϬϬϳ
ϮϬϬϵ
ϮϬϭϭ;ƉͿ
1RWHV7KUHH\HDUPRYLQJDYHUDJHRI*'3JURZWKHVWLPDWHGSUHGLFWHG
6RXUFH&DOFXODWLRQVEDVHGRQ$IULFDQ(FRQRPLF2XWORRNDQG:RUOG%DQNGDWD
$W¿UVWVLJKW ZKHQORRNLQJDWWKH VWURQJSHUIRUPDQFHRIWKH FRQWLQHQWRYHUWKH ODVWGHFDGHRLO
DQGRWKHUQDWXUDOUHVRXUFHSURGXFHUVVHHPWRKDYHKDGWKHOLRQ¶VVKDUHRIHFRQRPLFVXFFHVV%XWWKH

WXUQDURXQG RI $IULFD LV QRW VLPSO\ WKHUHVXOWRIIDYRXUDEOHFRPPRGLW\SULFHV6RPHGHHSHU IDFWRUV
ZHUHDWZRUNRYHUWKHSDVWWHQ\HDUVL'XULQJWKHODVWGHFDGHPDQ\FRXQWULHVKDYHLPSOHPHQWHG
PXFKVWURQJHUHFRQRPLFSROLFLHVDVVKRZQE\WKHLUFRQWURORILQÀDWLRQLPSURYHGSXEOLF¿QDQFHVDQG
EXLOGLQJXSRIIRUHLJQUHVHUYHVLL7KHUHLVHYLGHQFHRIVORZEXWVWHDG\LPSURYHPHQWVLQJRYHUQDQFH
LQFOXGLQJ D GHHSHQLQJ RI GHPRFUDF\ DQG VWUHQJWKHQLQJ RI FLYLO VRFLHW\ LLL 5HODWLRQV ZLWK GRQRUV
LPSURYHGVXEVWDQWLDOO\7KH+HDYLO\,QGHEWHG3RRU&RXQWU\+,3&LQLWLDWLYHDQGWKH0XOWLODWHUDO'HEW
5HOLHI,QLWLDWLYH0'5,KDYHEURXJKWDQ HQGWR$IULFD¶VGHEWFULVLV7KH3DULV 'HFODUDWLRQDQG
WKH  $FFUD +LJK /HYHO )RUXP UHLQIRUFHG WKH FRPPLWPHQWV PDGH E\ GRQRUV RQ LPSURYLQJ DLG
HIIHFWLYHQHVVDQGPDQDJLQJIRUGHYHORSPHQW UHVXOWVLY1HZWHFKQRORJ\SURYLGHVRSSRUWXQLWLHVIRU
JURZWKDQGSRYHUW\UHGXFWLRQ$IULFDLVWKHIDVWHVWJURZLQJPRELOHSKRQHPDUNHWLQWKHZRUOGDQGY
DQHZFODVVRISROLWLFDOOHDGHUVDQGHQWUHSUHQHXUVFRQWULEXWHGWRWKHFRQWLQHQW¶VSURJUHVVRIWKHSDVW
GHFDGH
+RZ FDQ $IULFDQ FRXQWULHV FDSLWDOLVH RQ WKH SURJUHVV DFKLHYHG LQ WKH SDVW GHFDGH WR DFKLHYH
VXVWDLQDEOHJURZWKDQGSRYHUW\UHGXFWLRQ":KDWFDQSROLF\PDNHUVDQGWKHLQWHUQDWLRQDOFRPPXQLW\
GRWRKHOSVHW$IULFDRQD¿UPIRRWLQJRIJURZWK"
16
,QWKHVH LPSRUWDQWTXHVWLRQVOHGWR WKHDGRSWLRQ LQ6HRXO RID*&RQVHQVXVIRU6KDUHG
*URZWK DQG D 0XOWL<HDU $FWLRQ 3ODQWRSURPRWHJURZWK LQ GHYHORSLQJ FRXQWULHV 7KH SODQ LQFOXGHV
DFWLRQV RQ GRPHVWLF UHVRXUFHPRELOLVDWLRQ¿QDQFLDO LQFOXVLRQ SULYDWH LQYHVWPHQWDQG MRE FUHDWLRQ
LQIUDVWUXFWXUHKXPDQUHVRXUFHVDQGGHYHORSPHQWIRRGVHFXULW\ JURZWK UHVLOLHQFH DQG NQRZOHGJH
VKDULQJ$OORIWKHVHWRSLFVKDYHEHHQWKRURXJKO\DQDO\VHGE\WKH$IULFDQ(FRQRPLF2XWORRNPDNLQJLW
DSDUWLFXODUO\WLPHO\DQGUHOHYDQWWRRO
7KH IXWXUH RI $IULFD¶V GHYHORSPHQW UHVWV RQ NQRZOHGJH HQWUHSUHQHXUVKLS DQG JRYHUQDQFH %\
VWLPXODWLQJGLDORJXHRQZKDWZRUNVLQ$IULFDSURPRWLQJSHHUOHDUQLQJDQGVKDULQJNQRZOHGJHRQNH\
VROXWLRQVWRGHYHORSPHQWFKDOOHQJHVWKH$(2KHOSVEURNHUDQLQIRUPHGGLDORJXHRQ$IULFDHFRQRPLHV
DQGEXLOGDFULWLFDOPDVVRILQIRUPHGFLWL]HQVWKHDFWRUVRIFKDQJHLQWRGD\¶V$IULFD
7KHSRZHURIVRFLDOPHGLDVLQEULQJLQJKXQGUHGVRIWKRXVDQGVRISHRSOHLQWRWKHVWUHHWVLQ1RUWK
$IULFDFOHDUO\VKRZVWKDWPRGHUQFRPPXQLFDWLRQWHFKQRORJ\KDVYDVWO\ORZHUHGWKHFRVWVRINQRZOHGJH
DQG DOVR HQKDQFHG WKH DELOLW\ RI FLWL]HQV RQFH LQIRUPHG WR RUJDQLVH WKHPVHOYHV FROOHFWLYHO\ LQWR
SUHVVXUHJURXSV6SUHDGLQJNQRZOHGJHLVWKXVFUXFLDOWREXLOGLQIRUPHGFLWL]HQVKLSVDQGVRFLHWLHVDQG

WRGULYHFKDQJH
:LWKWKLVLQPLQGWKH$IULFDQ(FRQRPLF2XWORRNKDVJURZQLQWRDQRQOLQHSODWIRUPDFFHVVLEOHIUHH
RIFKDUJH DW ZZZDIULFDQHFRQRPLFRXWORRNRUJ  ,WV JRDO LV WR GLVWLO DQG VKDUH WKH OHVVRQV OHDUQHG
KLJKOLJKWEHVWSUDFWLFHVDQGSURYLGHDSODWIRUPIRU$IULFDQDQGQRQ$IULFDQHQWUHSUHQHXUVSROLF\PDNHUV
DQGDFWLYLVWV7KLVJRDOLVDVLPSRUWDQWWRGD\DVLWZDVWHQ\HDUVDJRZKHQWKLVSURMHFWZDVODXQFKHG
17
Cape
of Good Hope
MEDITERRANEAN SEA
SOUTH
ATLANTIC
OCEAN
INDIAN
OCEAN
Lake Victoria
Lake Chad
Alexandria
Oran
Fès
Marrakech
Lagos
Dar Es Salaam
Casablanca
Constantine
Cape Town
Johannesburg
Durban
La’Youn
ABUJA
ALGIERS

TUNIS
TRIPOLI
CAIRO
KHARTOUM
ADDIS ABABA
KAMPALA
NAIROBI
ANTANANARIVO
LILONGWE
LUSAKA
HARARE
LUANDA
PORT LOUIS
VICTORIA
MORONI
DODOMA
KINSHASA
LOME
YAOUNDE
NDJAMENA
NIAMEY
BANGUI
BRAZZAVILLE
LIBREVILLE
MALABO
SÃO TOMÉ
BANJUL
BISSAU
BAMAKO
FREETOWN

MONROVIA
YAMOUSSOUKRO
PORTO-
NOVO
KIGALI
BUJUMBURA
DJIBUTI
ASMARA
MOGADISHU
RABAT
DAKAR
NOUAKCHOTT
PRAÏA
CONAKRY
ACCRA
ABIDJAN
OUGADOUGOU
MASERU
MBABANE
GABORONE
PRETORIA
WINDHOEK
MAPUTO
0 km 400 800 1200 km
over 500 000
National Capital
over 5 000 000
over 1 000 000
Main Road
Rivers

EQUATOR
This map is for illustrative purposes and is without prejudice
to the status of or sovereignty over any territory covered by this map.
Part One
Africa’s Performance and Prospects



              
!"##!$
!#%& '(#%(!)
*      
 *&  ! (  ( 
   %
 * #%  )     
 !"#!)*% +,'"#)
!#!%((

'#)%#*%%#!*
&!()( ' /(
##!!0%01
'   )  ) # &%)  
 # # *
#!
* "  ' #   ( !  0) *! !    # 
2   3 ( ( *   0       (  ()
(#)  * !% *! #  # !) *%  4*% 
+, 5"#) !*!#6
#  '
(7 !

  % !) ' # (      80   9
:!;<9 !
* <
:! '(
 .#;$
= /( / /
     8       





8


-(=90<
21
8
:! '!!
""!>=) .#;$
(%?!*!!
 ! *%           )  !  #%  ?!   
%#!#
  *!(% (!) *!
9;<
 
(:! "7>1!#%
97>1<!#%!*%-""!>=@!
A
("+*+9"++</) )A( 

.# ;$ >#%     *   *%  
((*!!##!()!A
A     ! #
 !  ( 
 !#% B!
!  B!#      !%3   ! 
"#*!!*!#
        ' #   !#% 
% * )   ( !  !
) !   ! ( %  (

  7>1   ! #  !% #      !* 
 !
-# '!(*#0) /#*%0
  80  )    0   7      ( 
*)
(*!C&%!#%"((*
 
(  % !) *%  !  !6      !   
%!%!A!)(!A!
*&     )      !A ! 
  
!!9:!
<

:!)%!)*%!A!)
(!B!%)#(%!#%
22
8


:!!A!
 .#;$*"@:
:!!A!
 .#;$*"@:
!" #$ 
'#%*%#*%#!%"
*%0
80>$%
  () *!      % ! 1# !A
!)!;() )+)-*2)!##!
! !  & #   !! #  !* !
+! 
  !   #!  ! # !) ! * 

"#!)!+)D%)1! )1E)
   # (     F(#)     !    
 2 G *
     8     
8
8

8
8
8

8
8
;%H
;!! + =!* D%
     8     








;%H
23

×