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Sao Tome and Principe --- Economic conditions. --- Social conditions. --- Politics and government. --- Democratic Republic of Sao Tome and Principe --- Province de Saint-Thomas-et-Prince (Portugal) --- Província de São Tomé e Príncipe (Portugal) --- República Democrática de São Tomé e Príncipe --- République démocratique de Sao Tomé-et-Principe --- S. Tomé e Príncipe --- Saint-Thomas-et-Prince --- San Tome i Prinsipi --- São Thomé e Príncipe --- São Tomé e Príncipe --- Sao Tomé-et-Principe --- São Tomé ja Príncipe --- São Tomé och Príncipe --- São Tomé-Príncipe --- Сан-Томе и Принсипи --- Santo Tomé y Principe

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This Selected Issues paper focuses on the prospects of growth in São Tomé and Príncipe (STP). This case study seeks explanations for STP’s relative under-performance and draws lessons for the future. It compares past economic developments in the islands and recommends policies that could most effectively foster future growth in STP. Country-specific characteristics as well as weak institutions contributed to STP’s relative underperformance since independence. Initial conditions, particularly regarding human capital and natural resources, contributed to STP’s relative underperformance, especially in the first decade after independence. Experience in the four island-states suggests that fiscal discipline, revenue mobilization, and a more active private sector, particularly in the tourism sector, may be key to tap STP’s growth potential. Fiscal discipline is needed to contain the fiscal deficit and bring the debt to a sustainable level. Continuing to strengthen public financial management, including implementing multiannual fiscal framework as recommended by the IMF technical assistance, would help.

Sao Tome and Principe --- Economic conditions. --- Democratic Republic of Sao Tome and Principe --- Province de Saint-Thomas-et-Prince (Portugal) --- Província de São Tomé e Príncipe (Portugal) --- República Democrática de São Tomé e Príncipe --- République démocratique de Sao Tomé-et-Principe --- S. Tomé e Príncipe --- Saint-Thomas-et-Prince --- San Tome i Prinsipi --- São Thomé e Príncipe --- São Tomé e Príncipe --- Sao Tomé-et-Principe --- São Tomé ja Príncipe --- São Tomé och Príncipe --- São Tomé-Príncipe --- Сан-Томе и Принсипи --- Santo Tomé y Principe --- Banks and Banking --- Exports and Imports --- Inflation --- Public Finance --- Industries: Financial Services --- Finance: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Price Level --- Deflation --- International Lending and Debt Problems --- Sports --- Gambling --- Restaurants --- Recreation --- Tourism --- Financial Institutions and Services: Government Policy and Regulation --- Finance --- Macroeconomics --- International economics --- Banking --- Public finance & taxation --- Hospitality, leisure & tourism industries --- Loans --- Nonperforming loans --- Arrears --- Financial institutions --- Prices --- External debt --- Economic sectors --- Debts, External --- Banks and banking --- State supervision --- São Tomé and Príncipe, Democratic Republic of