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Non-oil growth in the CFA oil exporting countries has been lackluster despite their great natural resource wealth. In this paper we study the key determinants of non-oil growth and explore to what extent these countries differ from countries with comparable levels of development that do not depend on nonrenewable resources. Using a panel of 38 countries comprising LICs and CFA zone oil exporters, we find that while real exchange rate appreciation negatively impacted growth in all countries over the period 1985-2008, what distinguishes the oil producers of the CFA zone is the failure of public and private investment to spur non-oil growth.

Economic development --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Econometric models. --- Investments: Energy --- Foreign Exchange --- Investments: General --- Public Finance --- Intertemporal Choice and Growth: General --- Investment --- Capital --- Intangible Capital --- Capacity --- Economic Growth of Open Economies --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Energy: General --- Public finance & taxation --- Currency --- Foreign exchange --- Investment & securities --- Macroeconomics --- Public investment spending --- Public investment and public-private partnerships (PPP) --- Real exchange rates --- Oil --- Private investment --- Expenditure --- Commodities --- National accounts --- Public investments --- Public-private sector cooperation --- Petroleum industry and trade --- Saving and investment --- Central African Republic