Adjustment in Africa (Summary) (P) (A World Bank policy research report)

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9780821327951: Adjustment in Africa (Summary) (P) (A World Bank policy research report)
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This, the second title in the World Bank Policy Research Reports (the first was the headline-making The East Asian Miracle), discusses the economic situation in Africa as it has evolved over the past several decades. To reverse the economic decline that began in the 1970s, many sub-Saharan African countries have undertaken efforts to restructure their economies. This has included liberalizing trade, deregulating markets and prices, privatizing public enterprises, and strengthening management of the financial and public sectors. Implementation has been uneven in different countries, and even those countries that have attempted major reforms have not achieved policies that are considered sound by international standards. A key finding is that improving policies paid off in higher GDR and sectoral growth rates, which are vital to reducing poverty; but in countries where policies deteriorated economic performance worsened. The report also shows that, despite the importance of reforming economic policies, countries need to invest more in human capital and infrastructure, expand their institutional capacity, and develop better governance.

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The World Bank Group is a group of five international organizations responsible for providing finance and advice to countries for the purposes of economic development and poverty reduction, and for encouraging and safeguarding international investment. The group and its affiliates have their headquarters in Washington, D.C., with local offices in 124 member countries.

Review:

"Structural adjustment has provided a good foundation for the creation of sustainable, poverty-reducing growth in Africa."--Current History

"Excellent study of the relationship between economic policy and growth in Africa."--Christopher Clague, University of Maryland

"Delivers rich and insightful research about the structural adjustment programs in sub-saharan African countries that merits close attention to what has worked and what has not."--Marc Belfer, Emory University

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