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Many countries enacted microeconomic reforms, and this was correlated with more rapid growth

Share of African countries improving business policy metrics1 %

Acceleration in real GDP2, 2000–08 vs. 1990–2000 Unweighted country average, %

84

82

3.2

64

50

2.1 pp3

1.1

Credit regulation

Labor market regulation

Business regulation

Trade policy

Reformers

Non- reformers

Sample size

37

11

11

30

Sample size

14

16

1 Each business policy metric is measured along a variety of dimensions that are aggregated into an index for each metric.

Improvements in each metric are measured as an increase in the index level. 2 Reformers are defined as countries that improved along credit, labor and business regulations, and trade policy. The non-

reformers have improved along only a subset of dimensions (14 countries) or none at all. 3 Percentage points.

SOURCE: Fraser Institute; World Bank World Development Indicators; McKinsey Global Institute

6

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