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Foreword
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xi |
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Acknowledgments
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xiii |
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Executive Summary
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xv |
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Abbreviations
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xxi |
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1
Facing the Challenges of African Growth: Opportunities, Constraints, and Strategic Directions
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1 |
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Poverty in Africa: Largely a Growth Challenge
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4 |
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Breaking Out of the Low-Growth Syndrome-A Daunting Task but a Real Possibility
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9 |
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The Report: An Overview
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11 |
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Notes
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31 |
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2
Africa's Long-Term Growth Experience in a Global Perspective
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33 |
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Evolution
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35 |
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Benchmarking against Asian Economies
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37 |
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Diversity across Africa
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39 |
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Sectoral Composition
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53 |
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Conclusions
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55 |
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Notes
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56 |
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3
Explaining the African Growth Record: What Appears to Matter Most
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57 |
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Sources of Economic Growth: Lessons from Growth Accounting
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58 |
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Doing Business in Africa: The Investment Climate-Transaction Costs, Risk, Capacity
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66 |
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Indigenous Entrepreneurs and Minority-Owned Firms
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75 |
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Benchmarking of Growth Conditions in African Countries
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78 |
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Conclusions
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97 |
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Notes
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97 |
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4
Constraints to Growth
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99 |
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Africa's Unfavorable Endowments: A Constraint to Growth but Not a Predicament
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100 |
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Natural Resources-Curse and Potential
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116 |
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Risks and Uncertainty
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118 |
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Weak Institutional Capacity
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130 |
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The Financial Sector as a Constraint to Growth
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130 |
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Low Savings
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136 |
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Conclusions
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141 |
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Notes
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142 |
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5
Tackling the Challenges of African Growth
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143 |
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Lessons from a Half-Century of Africa's Growth Experience
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145 |
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Changing Contexts and Emerging Opportunities
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148 |
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The Changing International Economic Environment-New Opportunities and New Challenges
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151 |
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Opportunities and Options for Growth Strategies
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154 |
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Key Strategic Challenges
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156 |
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Mobilizing Resources for Growth
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188 |
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Conclusions
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199 |
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Notes
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200 |
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Appendix
Empirical Analysis of Influential Factors of Growth in Africa
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203 |
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Estimating the Growth Model
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203 |
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Influential Factors of Growth and Data
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205 |
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Results
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214 |
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Notes
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217 |
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Bibliography
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219 |
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Index
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237 |