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date: 19 October 2018

Abstract and Keywords

Volatility and vulnerability has long been key challenges for the economies in sub-Saharan Africa. The unique challenges, besides being low-income, the continent faces - harsh and changing climate, heavy dependence on natural resources, and fragmented market and social fabrics - translate into high volatility and high vulnerability through various channels, from volatile government expenditure, to short planning horizon and distortive tax policy, to small production scale and lack of indigenous development, and to deprived human capital. National governments and the international community have crucial roles to play in reducing volatility and vulnerability and set economies onto a path to a higher equilibrium. This requires the governments to shift from ad hoc response to shocks to systematic risk management to provide a stable and enabling environment; and to support the economy to move towards the latent comparative advantages. It also requires the international community to use aid smartly.

Keywords: Africa, inequality, poverty, risk, volatility, vulnerability

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