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Private Finance for Development
The Covid-19 pandemic has aggravated the tension between large development needs in infrastructure and scarce public resources. To alleviate this tension and promote a strong and job-rich recovery from the crisis, Africa needs to mobilize more financing from and to the private sector.
Tax Avoidance in Sub-Saharan Africa’s Mining Sector
This paper aims to contribute to the international policy debate around profit shifting, tax avoidance and SSA’s revenue mobilization efforts in three ways. First, it examines the importance of mining, the role of multinational enterprises (MNEs), and mining revenue outcomes in SSA. Second, it assesses the magnitude of profit shifting in mining drawing on new macro level research, supplemented by case studies to illustrate the lived experience of tax avoidance in SSA mining. Third, the paper identifies tax policy reforms that could boost revenue mobilization in SSA.
Race to the Next Income Frontier
Through 18 chapters, this book draws on policy lessons from successful countries that have managed to overcome political economy constraints and reach upper-middle-income emerging market economy status to examine how Senegal can achieve per capita growth rates of four to five percent per year over a 20-year period, as well as lessons for other low-income countries. Contributors working in academia, civil society, and government in Senegal, as well as at the World Bank, in peer countries like Mauritius, Morocco, and Seychelles, and the International Monetary Fund, address creating a sound, balanced, and efficient fiscal framework through new revenue-raising measures, expenditure rationalizati...
The Global Informal Workforce
The Global Informal Workforce is a fresh look at the informal economy around the world and its impact on the macroeconomy. The book covers interactions between the informal economy, labor and product markets, gender equality, fiscal institutions and outcomes, social protection, and financial inclusion. Informality is a widespread and persistent phenomenon that affects how fast economies can grow, develop, and provide decent economic opportunities for their populations. The COVID-19 pandemic has helped to uncover the vulnerabilities of the informal workforce.
Regional Economic Outlook, April 2017, Sub-Saharan Africa
Growth momentum in sub-Saharan Africa remains fragile, marking a break from the rapid expansion witnessed since the turn of the millennium. 2016 was a difficult year for many countries, with regional growth dipping to 1.4 percent—the lowest level of growth in more than two decades. Most oil exporters were in recession, and conditions in other resource-intensive countries remained difficult. Other nonresource-intensive countries however, continued to grow robustly. A modest recovery in growth of about 2.6 percent is expected in 2017, but this falls short of past trends and is too low to put sub-Saharan Africa back on a path of rising living standards. While sub-Saharan Africa remains a region with tremendous growth potential, the deterioration in the overall outlook partly reflects insufficient policy adjustment. In that context, and to reap this potential, strong and sound domestic policy measures are needed to restart the growth engine.
Senegal
This paper presents Senegal’s Request for Disbursement Under the Rapid Credit Facility (RCF) and Purchase Under the Rapid Financing Instrument (RFI). The sharp global economic downturn and domestic containment measures have led to a substantial reduction in economic activity, with sectors such as tourism, transport, construction, and retail particularly hard-hit, and the pandemic in Europe is also translating into lower remittances. As a result, the short-term economic outlook has deteriorated significantly, with large uncertainties surrounding the duration and spread of the pandemic. The IMF’s emergency financing under the RCF and the RFI is expected to provide much-needed liquidity to support the authorities’ response to the crisis and could catalyze further assistance from the international community, preferably in the form of grants. Additional concessional donor support will be critical to close the remaining financing gap, ease the adjustment burden, and preserve Senegal’s impressive economic achievements. Ensuring that disbursed funds are used in a well-targeted, cost-effective and transparent manner remains imperative.
The Political Economy of Chinese FDI and Spillover Effects in Africa
What are the impacts of Chinese investment in Africa? Is it transforming economic development on the continent? This book is different from many other studies of this issue, as it unpacks the ‘black box’ of technological and learning spillover effects from Chinese firms to others. Rather than using econometric tools, which has now become a standard approach and come with their own set of challenges, the authors investigate the interactions between Chinese investors and African firms in terms of the transfer of technology and learning and explain why such interactions are rare. Only by understanding the reasons behind this rarity can approaches be developed to promote spillovers.
International Corporate Tax Reform
To relieve the pressure on the outdated international corporate tax system, an ambitious reform was agreed at the Inclusive Framework (IF) on Base Erosion and Profit Shifting in 2021, with now 138 jurisdictions joining. It complements previous efforts to mitigate profit shifting by addressing the challenges of the digitalization of the economy through a new allocation of taxing rights to market economies (Pillar 1) and tax competition through a global minimum corporate tax (Pillar 2). This paper concludes that the agreement makes the international tax system more robust to tax spillovers, better equipped to address digitalization, and modestly raises global tax revenues.
Regional Economic Outlook, April 2019, Sub-Saharan Africa
The economic recovery in sub-Saharan Africa is expected to continue, but at a slower pace than envisaged in October 2018. This weaker outlook reflects domestic and external challenges. On the external side, the global expansion is losing momentum, including in China and the euro area, trade tensions remain elevated, global financial conditions have tightened, and commodity prices are expected to remain low. On the domestic front, security challenges, climate shocks, and policy uncertainty are hampering investment and weighing on economic prospects in several countries. Under current policies, medium-term average growth for the region is expected to continue to fall well short of what is needed to absorb the new entrants to the labor force and to deliver limited gains in living standards.
Taxation and Inequality in Latin America
Taxation and Inequality in Latin America takes a heterodox political economy approach, focusing on Latin America, where current problems of taxation have existed for a century and great wealth contrasts with abject poverty. The book analyzes the relation of natural resource wealth, allocational politics and the limited role of taxation for redistribution, and progressive resource mobilization. By drawing on the political economy of tax regimes, the book considers the specific conditions of taxation in Latin America, which apply to a large part of the Global South and more than 100 countries specializing in the extraction and export of raw materials. This book will cover: taxation and the dom...
