Escaping the Curse of Oil? The Case of Gabon

Ludvig Söderling

No 2002/093, IMF Working Papers from International Monetary Fund

Abstract: This paper studies the prospects for sustainable growth and economic development in Gabon, in the face of a severe decline in its main source of income and growth, i.e. oil. A simple Computable General Equilibrium model is used to simulate the development of the non-oil economy under various assumptions. The results of the simulations underline Gabon's dependence on foreign financing-especially private-and its vulnerability to variations in oil prices. The potential role of an income stabilization fund is also discussed.

Keywords: WP; private sector; financing; GDP; Gabon; growth; oil; diversification; savings; investment; income stabilization fund; stabilization fund; investment balance; oil GDP; financing needs; Dutch disease; constant returns to scale; Public investment spending; Private investment; Real effective exchange rates; Total factor productivity; Debt relief; Sub-Saharan Africa (search for similar items in EconPapers)
Pages: 36
Date: 2002-05-01
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Citations: View citations in EconPapers (1)

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