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African Economic Outlook 2013

Structural Transformation and Natural Resources

image of African Economic Outlook 2013

The African Economic Outlook is the only annual report that monitors in detail the economic performance of 53 individual countries on the continent, using a strictly comparable analytical framework.

The focus of the 2013 edition if structural transformation and natural resources in Africa. This edition draws lessons from Africa and elsewhere on how to accelerate structural change and amplify the positive force of natural resources. The report also features and overview of Africa's performance and prospects, country notes and a rich statistical annex.

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Madagascar

OECD Development Centre

Madagascar’s economic growth, which was negative (4.1%) in 2009 and weak (0.5%) in 2010, progressed to 1.6% in 2011, still low compared to the average growth of sub- Saharan African countries, estimated at 5.3% by the International Monetary Fund (IMF) in its October 2012 Regional Economic Outlook. The economy grew by 1.9% in 2012, driven mainly by the mining industries, transport (helped by a revival of tourism) and exports from customs-free zones.1 The authorities applied a restrictive fiscal policy to cope with the reduction of external aid, a consequence of the political crisis that has shaken the country since 2009. They followed a prudent monetary policy and managed to contain the budget deficit at 3.1% of GDP (as against 1.7% in 2011). Similarly, they managed to limit the increase of prices to an annual average of 6.4%, down from 9.8% in 2011. The currentaccount deficit widened to 8.3% of GDP from 6.9% of GDP in 2011. This was the result of greater deterioration in the trade balance and in the services balance, which could not be offset by improvements in the balance of current transfers and of the balance of financial transactions and in capital. Finally, if the elections intended to put an end to the crisis are organised in 2013 as planned, growth could accelerate in 2013 and 2014 to 3% and 4%, respectively. It would benefit from the expansion of the mining industries, the gradual resumption of external financing favourable to construction, and the buoyancy of trade and tourism.

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