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Economic & Sector Work :: Country Economic Memorandum

Burkina Faso - Promoting Growth, Competitiveness and Diversification : Country Economic Memorandum, Volume 1. Main Report

ACCESS TO FINANCING ACCESS TO INFORMATION ACCESS TO INSURANCE ACCESS TO SERVICE ACCOUNTING AFFORDABILITY AGRICULTURAL COMMODITIES AGRICULTURAL PRODUCTS AGRICULTURE ASSET MANAGEMENT BANK ACCOUNT BANK BRANCHES BANK FINANCING BANK LENDING BANKING SYSTEM BENCHMARK BENCHMARKS BENEFICIARY BUDGET MANAGEMENT CAPACITY BUILDING CAPITAL INVESTMENTS CARTEL CENTRAL BANK COLLATERAL COMMODITY PRICE COMMODITY PRICES COMPARATIVE ADVANTAGE COMPETITION POLICY COMPETITIVENESS CONSTANT RETURNS TO SCALE CREDIT ACCESS CREDIT LINE CREDIT RISK CURRENCY CURRENCY MISMATCH CURRENT ACCOUNT DEBT DEBT CRISES DEBT RELIEF DEBT SERVICE DEBT STOCK DECENTRALIZATION DEFICITS DEPOSITS DEVALUATION DEVELOPING COUNTRIES DEVELOPMENT AGENCY DEVELOPMENT BANK DEVELOPMENT POLICY DEVELOPMENT STRATEGIES DIVERSIFICATION DOMESTIC BANKING DOMESTIC CURRENCY DOMESTIC MARKET DURABLE DYNAMIC ANALYSIS ECONOMIC ACTIVITIES ECONOMIC COOPERATION ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC POLICIES ECONOMIC STRUCTURE EDUCATION DEVELOPMENT EDUCATION SYSTEM ELASTICITY EMPOWERMENT ENDOWMENTS EQUIPMENT EQUITY INVESTMENT EXCHANGE RATE EXCHANGE RATES EXPENDITURE EXPENDITURES EXPORT CROP EXPORT PERFORMANCE EXPORT SHARES EXPORTER EXPORTERS EXPORTS EXPROPRIATION EXTERNAL DEBT EXTERNAL SHOCKS EXTERNALITIES FARMERS FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIATION FINANCIAL MANAGEMENT FINANCIAL MARKETS FINANCIAL POLICIES FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL SUSTAINABILITY FISCAL POLICY FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EXCHANGE FOREIGN INVESTMENT FRAUD FUTURES FUTURES MARKET FUTURES MARKETS GDP GDP PER CAPITA GINI COEFFICIENT GLOBAL MARKETS GLOBAL TRADE GNP GOVERNMENT FINANCES GOVERNMENT POLICIES GOVERNMENT REGULATIONS GROSS DOMESTIC PRODUCT GROSS NATIONAL PRODUCT GROWTH POTENTIAL GROWTH RATE GUARANTEES FOR LOANS HANDICRAFTS HOUSEHOLDS HUMAN CAPITAL HUMAN CAPITAL DEVELOPMENT HUMAN DEVELOPMENT ILLITERACY INCOME INDUSTRIALIZATION INEQUALITY INFORMATION ASYMMETRIES INFORMATION ON BORROWERS INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE INVESTMENT INFRASTRUCTURE INVESTMENTS INPUT PRICE INSTITUTIONAL REFORMS INSURANCE INSURANCE PRODUCT INTEREST RATE INTERNATIONAL BANKS INTERNATIONAL DEVELOPMENT INTERNATIONAL MARKETS INVESTING INVESTMENT CLIMATE INVESTMENT DECISION INVESTMENT FLOWS INVESTMENT RATE INVESTMENT RATES INVESTMENT REGIME LEASE AGREEMENTS LEGAL FRAMEWORK LENDERS LENDING INSTRUMENTS LETTERS OF CREDIT LINE OF CREDIT LIVING STANDARDS LOAN LOAN CHARACTERISTICS LOCAL CURRENCY LOCAL GOVERNMENTS M2 MACROECONOMIC PERFORMANCE MACROECONOMIC STABILITY MARKET ACCESS MARKET FAILURES MARKET INSTRUMENTS MICRO INSURANCE MICROFINANCE MICROFINANCE INSTITUTION MICROFINANCE INSTITUTIONS MINIMUM CAPITAL REQUIREMENT MONETARY FUND MUTUAL FUNDS NATIONAL INCOME NUTRITION OIL PRICES OPEN ECONOMY PER CAPITA INCOME PLEDGES POLITICAL STABILITY PRICE RISK PRICE VOLATILITY PRIVATE INVESTMENT PRIVATE INVESTMENTS PRODUCTION COSTS PRODUCTION FUNCTION PRODUCTIVITY PRODUCTIVITY GROWTH PROFITABILITY PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC POLICY PUBLIC-PRIVATE PARTNERSHIP PUBLIC-PRIVATE PARTNERSHIPS REAL GDP REGULATORY CONSTRAINTS REGULATORY FRAMEWORK REMITTANCES RETURN RETURNS RISK MANAGEMENT RISK MITIGATION RULE OF LAW SAFETY NET SAFETY NETS SAVINGS RATE SETTLEMENT SHAREHOLDERS TAX TAX POLICY TAX SYSTEM TAXATION TELECOMMUNICATIONS TOTAL FACTOR PRODUCTIVITY TRADE FINANCE TRADE LIBERALIZATION TRADING TRANSPARENCY TREASURY TRUST FUND UNEMPLOYMENT UNEMPLOYMENT RATE UNION VALUE ADDED WAREHOUSE WAREHOUSE RECEIPTS WEALTH WOMAN
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Washington, DC
Africa
2013-02-12T23:15:17Z | 2013-02-12T23:15:17Z | 2010-09

The main conclusion of Country Economic Memorandum is that the previous model of extensive growth has now exhausted its potential and must be renewed. Given the existing population dynamics, low environmental tolerance due to its Sahelian climate and competition forces imposed due to its open economy, Burkina Faso is heavily investing in growth based on increased productivity to overcome its low level of initial human capital, capacity constraints and regulation. To help define the new model of development of Burkina Faso, the Country Economic Memorandum is exploring growth based on productivity both at macro-, meso-economic or sectoral, micro and institutional levels only. It also assesses the sustainability of growth in the human, demographic, financial, fiscal and physical infrastructure. Wherever possible, it evaluates the performance of previous development programs and provides diagnostics on problems. It analyzes the current situation in terms of challenges and opportunities. Several major constraints on growth have been identified and the Memorandum offers practical ways to reduce or mitigate them. These constraints are: i. The frequency of exogenous shocks on agriculture in Burkina Faso, especially cotton, significantly slows the socio-economic development; ii. The real appreciation of the exchange rate has eroded the price competitiveness; iii. The country's attractiveness to foreign direct investment, despite significant progress in the business environment, limited growth potential; iv. The high fertility rates impede growth per capita and social development beginning with human capital; v. Environmental constraints limit the extensive growth of agriculture, while food security is always a challenge for human development; vi. The vulnerability of poor households prevents them from truly engaging in productive economic activities; vii. Constraints on institutional and human capacities reduce the effectiveness of public policies. The first volume of the Memorandum emphasizes the need for Burkina Faso to consider the macroeconomic and microeconomic constraints to growth and competitiveness, draws attention to the low sophistication of its exports and suggests policy instruments to facilitate the promotion of export and investment led by the private sector. The second volume emphasizes (i) the need for appropriate choices to ensure the viability of the cotton sector, (ii) the development of supply chains to achieve food security, growth and import substitution, (iii) the important role in the mining sector for growth, with good revenue management, and finally (iv) the potential of tourism as an industry will depend on the service quality improvements and the accommodation capacity and infrastructure. The third volume identifies the actions necessary to (i) address the issues of demographic change through better information, education and communication campaigns to bring about behavioral changes, (ii) develop instruments of risk management to manage the risks of economic, social, health, natural and food security, (iii) improve the country's access to regional and international markets, better connections to regional transport infrastructure, electricity, and telecommunications, water services and improved irrigation systems, (iv) exploiting the financial intermediation by new mechanisms of access to credit, reform the financial sector and institutional capacity building in financial management and risk in the business sector, and (v) create and use the budget by prioritizing expenditures, ensuring the collection of revenue and increasing the flow of aid.

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