Benin Economic Update, Fall 2014

Benin has made substantial progress over the past decade in reinforcing macroeconomic stability, which has laid the foundation for modest but accelerating growth. After averaging less than 3.7 percent from 2007-2011, GDP growth rose to 5.4 percent in 2012 and reached 5.6 percent in 2013. Growth is expected to remain strong at 5.5 percent in 2014. Benin s enhanced growth performance has been supported by ongoing efficiency improvements at the Port of Cotonou, a vital regional trade hub, which have boosted traffic and cut marginal shipping costs. These developments have been complemented by stronger cotton and non-cotton agricultural production, which have been bolstered by favorable weather conditions and relatively effective management of recent cotton campaigns. The weak connectivity between macroeconomic growth and poverty reduction arises largely from the very modest growth of per capita income. In addition, the highly informal nature of the economy, low and declining productivity, particularly in agriculture, and a lack of economic diversification all contribute to the persistence of poverty in Benin. Agricultural growth has been driven by the expansion of cultivated land rather than by increased productivity. Similarly, the increasing size of the national labor force has made a far larger contribution to GDP than have increases in labor productivity. Growth in the formal, salaried labor market remains constrained, and few high productivity/high wage jobs are being created. Strengthening the links between growth and poverty reduction will require boosting productivity, enhancing the business and investment climate, and promoting formalization. In this context, the Benin Economic Update is designed to provide timely analysis of recent developments and contribute to the ongoing dialogue on sound macroeconomic management and effective poverty reduction.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	2014-10
Subjects:	ACCESS TO EDUCATION, ACCESS TO ELECTRICITY, ACCOUNTABILITY REPORT, AGRICULTURAL ACTIVITIES, AGRICULTURAL DEVELOPMENT, AGRICULTURAL EXPORTS, AGRICULTURAL GROWTH, AGRICULTURAL INCOMES, AGRICULTURAL LAND, AGRICULTURAL PRODUCERS, AGRICULTURAL PRODUCTION, AGRICULTURAL PRODUCTIVITY, AGRICULTURAL SECTOR, AGRICULTURAL SECTORS, AGRICULTURAL WORKFORCE, AGRICULTURE, ANNUAL CHANGE, ASSETS, BETTER FARMING PRACTICES, CALORIC INTAKE, CAPITAL INVESTMENT, CASH BASIS, CENTRAL BANK, CHANGES IN POVERTY, COMPARATOR COUNTRIES, COMPETITIVENESS, CONFLICT, CONSUMER GOODS, CONSUMER PRICE INDEX, CONSUMER PRICES, CONSUMPTION BASKET, CONSUMPTION GROWTH, CONSUMPTION LEVELS, COTTON PRODUCTION, CREDIT CONSTRAINTS, DEBT, DEVELOPMENT INDICATORS, DISPARITIES BETWEEN REGIONS, DOMESTIC CREDIT, DOMESTIC PRICES, DROP IN POVERTY, DURABLE GOODS, ECONOMIC ACTIVITY, ECONOMIC DIVERSIFICATION, ECONOMIC GROWTH, ECONOMIC LIFE, ECONOMIC OUTLOOK, ECONOMIC REFORMS, EMPLOYMENT DYNAMICS, EMPLOYMENT OPPORTUNITIES, EXCHANGE RATE, EXTREME POVERTY, FARMER, FARMERS, FEMALE-HEADED HOUSEHOLDS, FINANCIAL INSTITUTIONS, FINANCIAL SECTOR, FISCAL POLICY, FOOD PRICE, FOOD PRICES, GDP, GDP PER CAPITA, GROWTH PERFORMANCE, GROWTH POTENTIAL, GROWTH RATE, GROWTH RATES, HEADCOUNT RATIO, HEALTH CARE, HEALTH INSURANCE, HIGH CONCENTRATION, HIGH GROWTH, HIGH POVERTY, HOUSEHOLD CONSUMPTION, HOUSEHOLD HEAD, HOUSEHOLD INCOME, HOUSEHOLD SIZE, HOUSEHOLD SURVEYS, HOUSING, HUMAN DEVELOPMENT, HUMAN DEVELOPMENT INDEX, IMPACT ON POVERTY, IMPACT ON POVERTY REDUCTION, INCIDENCE OF POVERTY, INCOME, INCOME DISTRIBUTION, INCOME GROUPS, INCOME GROWTH, INCOME LEVELS, INEFFICIENCY, INEQUALITY, INFLATION, INFORMAL ECONOMY, INFORMAL EMPLOYMENT, INFRASTRUCTURE INVESTMENT, INVESTMENT CLIMATE, LABOR FORCE, LABOR MARKET, LAND REFORM, LAND TENURE, LAND TITLING, LIFE EXPECTANCY, LIVESTOCK PRODUCTION, LIVING STANDARDS, LONG-TERM GROWTH, LOW WAGES, MACROECONOMIC GROWTH, MACROECONOMIC MANAGEMENT, MACROECONOMIC PERFORMANCE, MACROECONOMIC STABILITY, MACROECONOMICS, MARGINAL PRODUCT, MARGINAL PRODUCTIVITY, MARKET FAILURES, NATIONAL POVERTY, NATIONAL POVERTY HEADCOUNT, NATIONAL POVERTY LINE, NET EXPORTS, PER CAPITA EXPENDITURE, PER CAPITA GROWTH, PER CAPITA INCOME, POLICY AREAS, POLICY CHANGES, POOR, POOR HOUSEHOLD, POORER HOUSEHOLDS, POVERTY DYNAMICS, POVERTY HEADCOUNT RATE, POVERTY HEADCOUNT RATES, POVERTY INCIDENCE, POVERTY INDICATORS, POVERTY LEVELS, POVERTY LINE, POVERTY MEASURES, POVERTY RATE, POVERTY RATES, POVERTY REDUCTION, POVERTY REDUCTION STRATEGY, POVERTY REDUCTION STRATEGY PAPER, POVERTY STATUS, PRICE STABILITY, PRO-POOR, PRO-POOR GROWTH, PRODUCTION VOLUMES, PRODUCTIVE ASSETS, PRODUCTIVITY INCREASES, PROFIT MARGINS, PROPERTY RIGHTS, PUBLIC EXPENDITURE, PUBLIC INVESTMENT, PUBLIC OFFICIALS, PUBLIC SECTOR, PUBLIC WORKS, QUALITY OF LIFE, RAPID GROWTH, REAL EXCHANGE RATE, REAL GDP, REDUCING POVERTY, REDUCTION IN POVERTY, REFORM PROGRAM, REGIONAL DISPARITIES, REGIONAL STANDARDS, REGIONAL TRADE, RURAL, RURAL AREAS, RURAL DIFFERENCES, RURAL HOUSEHOLDS, RURAL INFRASTRUCTURE, RURAL POPULATION, RURAL POPULATIONS, SAFEGUARDS, SANITATION, SECTOR ACTIVITIES, SMALL FARMERS, SOCIAL SPENDING, STRUCTURAL POLICIES, STRUCTURAL REFORMS, SUBSISTENCE, SUSTAINABLE POVERTY, SUSTAINABLE POVERTY REDUCTION, TAX REVENUES, TOTAL FACTOR PRODUCTIVITY, TOTAL OUTPUT, TOTAL REVENUE, TRADE POLICY, UNDUE INFLUENCE, UNEMPLOYMENT, UNEMPLOYMENT RATE, URBAN AREAS, VALUE ADDED, WELFARE IMPROVEMENTS, WIDESPREAD POVERTY,
Online Access:	http://documents.worldbank.org/curated/en/2014/01/20308539/benin-economic-update-fall-2014 https://hdl.handle.net/10986/20672
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