The Economic Consequences of Conflict in Sub-Saharan Africa

Download or read book The Economic Consequences of Conflict in Sub-Saharan Africa written by Xiangming Fang and published by INTERNATIONAL MONETARY FUND. This book was released on 2020-10-30 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sub-Saharan Africa has been marred by conflicts during the past several decades. While the intensity of conflicts in recent years is lower than that observed in the 1990s, the region remains prone to conflicts, with around 30 percent of the countries affected in 2019. In addition to immeasurable human suffering, conflicts impose large economic costs. On average, annual growth in countries in intense conflicts is about 2.5 percentage points lower, and the cumulative impact on per capita GDP increases over time. Furthermore, conflicts pose significant strains on countries’ public finances, lowering revenue, raising military spending, and shifting resources away from development and social spending.