Economic development in Africa report 2015

Unlocking the potential of Africa’s services trade for growth and development

image of Economic development in Africa report 2015
The Economic Development in Africa Report 2015 subtitled Unlocking the Potential of Africa's Trade in Services for Inclusive Growth and Development highlights the catalytic role services can play in Africa, and the importance of understanding the static and dynamic effects the development of services may have on employment, trade and ultimately growth. The report examines areas where there appears to be a policy disconnect between existing national, regional and global policies that pertain to services trade and proposes recommendations as to how African countries may bridge this divide so that services trade can be better harnessed to address inclusive growth and economic development priorities in Africa.

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Unlocking financial services potential in Africa through cross-border banking

A well-functioning financial system is critical to Africa’s long-term growth. The financial sector can promote economic growth, stimulate investment and contribute to poverty reduction (Demirguc-Kunt, 2006; Fry, 1995). This chapter discusses the importance of financial inclusion in the context of financial sector development, the regulatory dimensions of financial services trade in the context of growing banking internationalization in Africa, and the importance of striking a balance between domestic development priorities and policy space in relation to liberalization commitments, rising competition and foreign entry. The chapter concludes with policy recommendations on how countries can approach the regulatory dilemma they often face, between greater financial inclusion on the one hand and liberalization on the other.

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