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Working Paper 188 - Remittances and their Macroeconomic Impact: Evidence from Africa
After decades of slow pace, Africa’s growth accelerated during 2000–12. Currently, the continent is one of the fastest growing in the world. Concomitant with the growth take-off were changes in net private capital inflows, especially FDI, and remittances: FDI and remittance inflows tripled during 2000–08 and continue to outperform official aid in the aftermath of the global financial crisis. This high growth as well as rising FDI and remittance inflows, in addition to debt relief, contributed to reducing Africa’s debt burden. In contrast to the late 1990s, many African countries today are thus characterized by low or moderate risk of debt distress. Besides favourable external conditions, improved macroeconomic policies and the business environment in Africa contributed to these positive developments.