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date: 22 October 2019

Abstract and Keywords

This chapter evaluates the competitiveness of African economies. In contrast to the macroeconomic perspective which focuses on the behavior of the Real Effective Exchange Rate, the framework adopted in the chapter emphasizes the fundamental drivers of a country’s ability to maintain competitive advantage in international markets through high-value production and economies of scale while simultaneously raising the living standards of its citizens. The study compares a novel measure–the Trade Weighted Value added per capita–with the Real Effective Exchange Rate and demonstrates the merits of the former over the latter in evaluating the competitiveness of African economies.

Keywords: Africa, competitiveness, external balance, Real Effective Exchange Rate, global value chain, Diamond Model, Trade-Weighted Value-added

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