Tackling Inequality in sub-Saharan Africa Could Yield Mileage on Growth

Antoinette Sayehby Antoinette Sayeh

(Versions in Français and Português)

Rising inequality is both a moral and economic issue that has implications for the general health of the global economy, and impacts prosperity and growth.

So it’s not surprising that reducing inequality is an integral part of the Sustainable Development Goals  adopted by world leaders at the United Nations summit in September. I often discuss with my colleagues where sub-Saharan Africa stands with respect to these objectives. Unfortunately, the region remains one of the most unequal in the world, on par with Latin America (see Chart 1). In fact, inequality seems markedly higher at all levels of income in the region than elsewhere (see Chart 2).

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Migration: A Global Issue in Need of a Global Solution

2014MDNEW_04By Christine Lagarde

(Versions in عربي中文Français, 日本語, РусскийTürk, and Español)

As the Group of Twenty leaders gather in Turkey this weekend, they will have on their minds heartbreaking images of displaced people fleeing countries gripped by armed conflict and economic distress.  The surge of refugees in the last few years has reached levels not seen in decades. And these numbers could increase further in the near future. 

The immediate priority must be to help the refugees—who bear the heaviest burden, and too often tragically—with better access to shelter, health care and quality education.

Many of the countries neighboring conflict zones—which have welcomed most of the refugees—have stretched their capacity to absorb people to the limit. To support additional public services for refugees, they will require more financial resources. The international community must play its part. With the IMF’s support, for example, Jordan has been able to adjust its fiscal targets to help meet this need.

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The African Century

By Antoinette M. Sayeh and Abebe Aemro Selassie

If, as has been observed, demography is destiny, this will be the African century.

Most countries in sub-Saharan Africa are on the cusp of a demographic transition—the years when the share of young and old in the population declines and those in working age range (15-64 years) increases.

Elsewhere, this transition has generally been accompanied by higher savings, incomes, and economic growth. Our latest Regional Economic Outlook for sub-Saharan Africa looks at how the transition might play out and the implications for economic policies.
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The Global Impact of Lower Oil Prices

by iMFdirect

Remember when oil was the big story? Yeah, us too.  And we’re still thinking through the issues and what they mean for oil importers and exporters, as well as the global economy.

This week IMF economists released a new paper, and we interviewed the lead author in this podcast, that delves into the benefits of lower oil prices for consumers and for the global economy.

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Inequality’s Toll on Growth

by iMFdirect

Inequality is one of the defining issues of our time, so you may want to tune in to this interview with the authors of a new study that shows that  higher inequality leads to lower growth.  You can also read their blog here.

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Growth’s Secret Weapon: The Poor and the Middle Class

By Era Dabla-Norris, Kalpana Kochhar, and Evridiki Tsounta

(Versions in  Español中文 日本語عربي,and Русский)

The gap between the rich and the poor is at its widest in decades in advanced countries, and inequality is also rising in major emerging markets (Chart 1).  It is becoming increasingly clear that these developments have profound economic implications.

SPR Inequality SDN.chart 1rev

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Financing for Sustainable Development: Money and the Right Policies

By Min Zhu and Sarwat Jahan

(Versions in Español,  عربي)

Countries will start a new chapter in their development this year with the United Nation’s Sustainable Development Goals. Designed to replace the Millennium Development Goals, these new goals will broaden the vision of development to embrace economic, social, and environmental issues. To achieve these goals, two elements are critical: money and the right policies to use the money. The IMF, along with many others in the global community, will partner with countries to bring these two elements together.

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