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Africa and Arab Gulf States : Divergent Development Paths and Prospects for Convergence / Fofack, Hippolyte
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications")- Format:
- Book
- Government document
- Author/Creator:
- Fofack, Hippolyte
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Access to Finance.
- Assets.
- Comparative analysis.
- Currencies and Exchange Rates.
- Debt.
- Debt Markets.
- Democratic institutions.
- Development policies.
- Development strategy.
- Economic Conditions and Volatility.
- Economic growth.
- Economic outcomes.
- Economic power.
- Economic Theory and Research.
- Emerging Markets.
- Environment.
- Environmental Economics and Policies.
- Exports.
- Finance and Financial Sector Development.
- GDP.
- GDP per capita.
- Growth rate.
- Income.
- Inequality.
- Investment and Investment Climate.
- Living standards.
- Macroeconomic performance.
- Macroeconomics and Economic Growth.
- Natural resources.
- Opportunity costs.
- Per capita income.
- Poverty Reduction.
- Private Sector Development.
- Pro-Poor Growth.
- Wealth.
- Local Subjects:
- Access to Finance.
- Assets.
- Comparative analysis.
- Currencies and Exchange Rates.
- Debt.
- Debt Markets.
- Democratic institutions.
- Development policies.
- Development strategy.
- Economic Conditions and Volatility.
- Economic growth.
- Economic outcomes.
- Economic power.
- Economic Theory and Research.
- Emerging Markets.
- Environment.
- Environmental Economics and Policies.
- Exports.
- Finance and Financial Sector Development.
- GDP.
- GDP per capita.
- Growth rate.
- Income.
- Inequality.
- Investment and Investment Climate.
- Living standards.
- Macroeconomic performance.
- Macroeconomics and Economic Growth.
- Natural resources.
- Opportunity costs.
- Per capita income.
- Poverty Reduction.
- Private Sector Development.
- Pro-Poor Growth.
- Wealth.
- Physical Description:
- 1 online resource (34 pages)
- Other Title:
- Africa And Arab Gulf States
- Place of Publication:
- Washington, D.C., The World Bank, 2009
- System Details:
- data file
- Summary:
- In spite of the similarities between Sub-Saharan Africa and the Arab Gulf region (Gulf Cooperation Council states), development policies implemented in these two regions of the world have produced markedly different and even divergent outcomes. While Gulf Cooperation Council states have drawn on hydrocarbon revenues to dramatically transform their economic landscape, Sub-Saharan African countries have exhibited abysmal economic and social outcomes. The remarkable increase in personal income and large current account surpluses in Arab Gulf states is in sharp contrast with widespread poverty and recurrent balance of payments crises in Sub-Saharan Africa. This paper reviews the possible causes of these divergent development paths and discusses the prospects for economic convergence in the new globalization landscape of growing trade ties between the two regions. In particular, it shows that development models underpinned by institutional continuity and intergenerational accountability could enhance long-run growth in Sub-Saharan Africa and income convergence between the two regions.
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