NSE International Development Forum
Economic Outlook of African countries-Policy Reset and Cooperation with China
Language: English with simultaneous interpretation
Timing: June 15, 2016, 14:00-16:00
Address: Classroom 306, Science Teaching Building, Peking University
Mr. Roger Nord
Deputy Director of the IMF’s African Department
Ms. Wenjie Chen
Economist in the African Department of the International Monetary Fund
After an extended period of strong economic growth, many sub-Saharan African countries have been hit by multiple shocks—the sharp decline in commodity prices, tighter financing conditions and a severe drought in southern and eastern Africa. The region’s medium-term prospects remain favorable but that many countries urgently need to reset their policies to reinvigorate growth and realize this potential. To this end, it will elaborate on how countries should both adjust their macroeconomic policies in the short run, and refocus policies targeted at diversification and financial sector development, so as to strengthen resilience and boost growth.
China’s breakneck growth is slowing down and the drivers of its growth are shifting from investment and exports to domestic consumption. This shift is affecting the global economy but is having a particularly large impact on commodity exporters, many of which are in Africa. Falling Chinese demand has led to precipitous price declines, putting pressure on the fiscal and external accounts of many African countries. Moreover, China has become an important source of investment for many African countries. As returns on investment in the traditional commodity sectors are falling, however, some of the planned investments in natural resources may now need to be reevaluated.
【Introduction of presenter】