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The paper reviews Djibouti’s macroeconomic reforms aimed at achieving middle-income status as envisaged in Vision Djibouti 2035, the authorities’ development strategy. In this context, the paper reviews policy options available to the authorities in three critical reform areas: translating the investment boom into strong and inclusive growth to reduce poverty and unemployment; fiscal policy to support growth while preserving debt sustainability; and the important role of the business climate in growth acceleration.

Macroeconomics. --- Economics --- Corporate Finance --- Macroeconomics --- Public Finance --- Poverty and Homelessness --- Intertemporal Choice and Growth: General --- Aggregate Factor Income Distribution --- Measurement and Analysis of Poverty --- Debt --- Debt Management --- Sovereign Debt --- Welfare, Well-Being, and Poverty: General --- Fiscal Policy --- Financial Institutions and Services: General --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Poverty & precarity --- Public debt --- Poverty --- Fiscal space --- Business environment --- Expenditure --- Fiscal policy --- Economic sectors --- Debts, Public --- Business enterprises --- Expenditures, Public --- Djibouti

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The paper examines the poverty-reducing and distributional characteristics of Djibouti’s economic growth, and discusses policies that might help make growth more inclusive. It covers the period between 2002 and 2013, for which comparable household surveys are available. The main findings are that while in the past decade the overall level of poverty in Djibouti declined, there have been no clear signs of improvements in either equality or growth inclusiveness. Growth has not been inclusive and benefitted mainly those in the upper part of the income distribution. These conclusions should be treated as indicative. Progress in poverty reduction and inclusiveness would require not only sustained high growth but also the creation of opportunities in sectors with high earning potential for the poor. Better targeted social policies and more attention to the regional distribution of spending would also help reduce poverty and improve inclusiveness.

Economic development. --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Economic development --- E-books --- Macroeconomics --- Social Services and Welfare --- Demography --- Poverty and Homelessness --- Intertemporal Choice and Growth: General --- Aggregate Factor Income Distribution --- Measurement and Analysis of Poverty --- Welfare, Well-Being, and Poverty: General --- Government Policy --- Provision and Effects of Welfare Program --- Demographic Economics: General --- Poverty & precarity --- Social welfare & social services --- Population & demography --- Poverty --- Income inequality --- Poverty reduction --- Population and demographics --- Income --- National accounts --- Income distribution --- Population --- Djibouti

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The paper examines Senegal’s growth performance from the perspective of its povertyreducing and distributional characteristics, and discusses policies that might help make growth more inclusive. The main findings are that poverty has fallen in the last two decades, but poverty reduction has slowed in recent years. Although available indicators sometimes give conflicting signals on distributional shifts, people in the middle of the income distribution have received the most benefit, mainly in urban areas. Further progress in poverty reduction and inclusiveness would require sustained high growth and exploration of growth opportunities in the sectors with high earning potential for the poor. Better-targeted social policies and more attention to the regional distribution of spending would also help reduce poverty and improve inclusiveness.

Income distribution --- Poverty --- Destitution --- Wealth --- Basic needs --- Begging --- Poor --- Subsistence economy --- Distribution of income --- Income inequality --- Inequality of income --- Distribution (Economic theory) --- Disposable income --- Government policy --- Senegal --- Economic policy. --- Macroeconomics --- Social Services and Welfare --- Poverty and Homelessness --- Demography --- Intertemporal Choice and Growth: General --- Aggregate Factor Income Distribution --- Measurement and Analysis of Poverty --- Welfare, Well-Being, and Poverty: General --- Government Policy --- Provision and Effects of Welfare Program --- Macroeconomics: Consumption --- Saving --- Demographic Economics: General --- Poverty & precarity --- Social welfare & social services --- Population & demography --- Poverty reduction --- Income --- Consumption --- National accounts --- Population and demographics --- Economics --- Population

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While the underlying methodologies continue to be widely debated and refined, there is little consensus on how to assess the equilibrium exchange rate of economies dominated by production of finite natural resources such as the oil economies of the Middle East. In part this is due to the importance of intertemporal aspects (as the real exchange rate may affect the optimal/equitable rate of transformation of finite resource wealth into financial assets), as well as risk considerations given the relatively high volatility of commodity prices. The paper illustrates some important peculiarities of the exchange rate assessment for such natural resource producers by working through a simple two-period model that captures certain key aspects of many resource economies.

Foreign exchange rates. --- Petroleum products --- Petroleum industry and trade. --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Petroleum --- Petroleum industry and trade --- Energy industries --- Oil industries --- Prices. --- Rates --- Prices --- Investments: Energy --- Exports and Imports --- Foreign Exchange --- Macroeconomics --- Public Finance --- Exchange and Production Economies --- Intertemporal Choice and Growth: General --- Macroeconomics: Consumption --- Saving --- Wealth --- Current Account Adjustment --- Short-term Capital Movements --- Economywide Country Studies: Asia including Middle East --- Energy: General --- Energy: Demand and Supply --- National Government Expenditures and Related Policies: General --- Investment & securities --- Currency --- International economics --- Public finance & taxation --- Oil --- Real exchange rates --- Current account --- Oil prices --- Expenditure --- Commodities --- Balance of payments --- Expenditures, Public --- Saudi Arabia