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Over the last thirty years Burundi's low economic growth has led to a significant decline in per capita GDP. The purpose of this paper is to shed light on supply-side constraints that prevented Burundi's economy from growing faster. Lack of investment, civil conflict, economic inefficiencies, state intervention in the economy, and regulatory restrictions explain a large part of the weak growth performance for the last thirty years.

Economic development --- Burundi --- Economic conditions. --- Development, Economic --- Economic growth --- Growth, Economic --- Urundi --- Royaume du Burundi --- Résidence de l'Urundi --- Kingdom of Burundi --- Ingoma y'i Burundi --- République du Burundi --- Republika y'Uburundi --- Gouvernement de transition du Burundi --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- ブルンジ --- Burunji --- Бурунди --- בורונדי --- Ruanda-Urundi --- Bulongdi --- Republic of Burundi --- بوروندي --- 布隆迪 --- Investments: Commodities --- Investments: General --- Investments: Stocks --- Macroeconomics --- Macroeconomic Analyses of Economic Development --- Economywide Country Studies: Africa --- Forecasting and Other Model Applications --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- Investment --- Capital --- Intangible Capital --- Capacity --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Agriculture: General --- Aggregate Factor Income Distribution --- Investment & securities --- Depreciation --- Stocks --- Agricultural commodities --- Income --- Capital accumulation --- National accounts --- Financial institutions --- Commodities --- Saving and investment --- Farm produce

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This guidance note describes how to use the Excel-based template developed by the Fiscal Affairs Department (FAD) of the IMF accompanying the note "How to Design a Fiscal Strategy in a Resource-Rich Country." This template uses data inputs to generate simulations of fiscal policy dynamics. It helps IMF teams and country authorities in RRCs analyze trade-offs associated with alternative fiscal strategies for the use of public resource wealth. Visualizing these trade-offs and assessing their sensitivity to underlying macroeconomic assumptions can help inform policymakers on the most appropriate fiscal strategy, given country-specific circumstances.

Fiscal policy.

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This guidance note describes how to use the Excel-based template developed by the Fiscal Affairs Department (FAD) of the IMF accompanying the note "How to Design a Fiscal Strategy in a Resource-Rich Country." This template uses data inputs to generate simulations of fiscal policy dynamics. It helps IMF teams and country authorities in RRCs analyze trade-offs associated with alternative fiscal strategies for the use of public resource wealth. Visualizing these trade-offs and assessing their sensitivity to underlying macroeconomic assumptions can help inform policymakers on the most appropriate fiscal strategy, given country-specific circumstances.

Fiscal policy.

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Following the onset of the global economic crisis in 2008, SACU member countries have witnessed a significant growth slowdown, and a deterioration of their fiscal balances. This paper (i) assesses options for the design of the needed fiscal consolidation, and (ii) discussed medium-term fiscal policy rules that would help maintain a sound fiscal stance once consolidation has taken place. The main messages are: (i) government consumption cuts appears to minimize the negative impact on growth, and would be appropriate given the relatively large size of the public sector in each country, (ii) fiscal rules could be of particular interest for SACU members notably, a new customs revenue-sharing formula, procedural rules to strengthen budget process, and numerical rules at the national level.

Fiscal policy --- Monetary unions --- Economic history. --- Economic conditions --- History, Economic --- Economics --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Econometric models. --- Government policy --- Africa, Southern --- Economic conditions. --- Macroeconomics --- Public Finance --- Fiscal Policy --- National Budget, Deficit, and Debt: General --- National Government Expenditures and Related Policies: General --- Business Taxes and Subsidies --- Public finance & taxation --- Fiscal consolidation --- Expenditure --- Fiscal rules --- Consumption taxes --- Taxes --- Expenditures, Public --- Spendings tax --- South Africa

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Botswana, Lesotho, Namibia, and Swaziland face the serious challenge of adjusting not only to lower Southern Africa Customs Union (SACU) transfers because of the global economic crisis, but also to a potential further decline over the medium term. This paper assesses options for the design of the needed fiscal consolidation. The choice among these options should be driven by (i) the impact on growth and (ii) the specificities of each country. Overall, a focus on government consumption cuts appears to minimize the negative impact on growth, and would be appropriate given the relatively large size of the public sector in each country.

Fiscal policy--Econometric models. --- Macroeconomics --- Public Finance --- Taxation --- Computational Techniques --- Fiscal Policy --- National Budget, Deficit, and Debt: General --- Business Taxes and Subsidies --- Macroeconomics: Consumption --- Saving --- Wealth --- Personal Income and Other Nonbusiness Taxes and Subsidies --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Public finance & taxation --- Welfare & benefit systems --- Fiscal consolidation --- Consumption taxes --- Government consumption --- Labor taxes --- Public investment spending --- Fiscal policy --- Taxes --- National accounts --- Expenditure --- Spendings tax --- Consumption --- Economics --- Income tax --- Public investments --- Lesotho, Kingdom of --- Fiscal policy.