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Adjustment in Africa

Price: $ 30

Examines whether Africa's disappointing economic performance reflects a failure to undertake structural adjustment reforms or a failure of those reforms to boost growth. Covers 29 African countries that underwent adjustment in the late 1980s. To reverse the economic decline that began in the 1970s, many Sub-Saharan countries initiated programs to pave the way for long-term development and prosperity by restructuring their economies. This report addresses just how much those countries undertaking reform actually changed their policies, the extent to which their policy reforms restored growth, and the future for adjustment. The study brings together a wealth of data to assess reform in the macroeconomic framework, trade liberalization, market and price deregulation, public enterprise privatization, and improvements in financial a and public sector management. The pace of policy reforms has been uneven, both across sectors and across countries. In the countries that undertook major policy reforms -- and sustained them -- adjustment is working. Of the 29 countries studied, the six countries with the most reform in macroeconomic policies enjoyed higher gross domestic product (GDP) and sectoral growth rates, which are vital to reducing poverty. By contrast, in those countries whose policies deteriorated, economic performance generally worsened.

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