What happens when a country does not adjust to terms of trade shocks? The case of oil-rich Gabon / Zafar Ali.
Material type:
TextSeries: Policy research working papers ; no. 3403Publication details: Washington, D. C : World Bank, 2004.Description: 28p : ill. ; 27 cmSubject(s):
| Item type | Current library | Home library | Call number | Status | Barcode | |
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Books
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Main Campus Library | University of Eastern Africa, Baraton | Spc HG 3881.5 .W57 no.3403 (Browse shelf(Opens below)) | Available | 60198 |
Also available online.
"Gabon is currently one of the richest countries in Sub-Saharan Africa, having a GDP per capita of close to $4,000, and is characterized by a stable political climate and rich forestry and mineral resources, as well as a small population. Oil is the key economic sector,accounting for half of GDP and more than two- thirds of revenue-Discovered in the1970s oil windfalls have delivered spectacular wealth and financed public expenditure over two decades. However, the oil boom has led to the Dutch disease and the shrinkage of the industrial and agricultural sectors of the economy due to the appreciation of the exchange rate and the movement of capital to the oil sector. But with output projections suggesting that oil will be depleted within the next 10 to 15 years, there are growing pressures on the policymakers to take actions to diversify production While Gabon membership in the Central
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