Cover -- Contents -- Abbreviations -- Acknowledgments -- In Brief -- 1. Maintaining Growth in an Uncertain World -- Introduction and Summary -- Resilience in the Face of an Uncertain Environment -- Risk Scenario Analysis -- Is There Still Room for Policy Action if Needed? -- Policy Recommendations -- Concluding Remarks -- 2. Nigeria and South Africa: Spillovers to the Rest of Sub-Saharan Africa -- Introduction and Summary -- South Africa's Impact on Sub-Saharan Africa -- Nigeria's Impact on its Neighbors -- Concluding Remarks -- 3. Structural Transformation in Sub-Saharan Africa -- Introduction and Summary -- Stylized Facts -- Sectoral Perspectives -- Some Impediments to Structural Transformation -- Conclusions and Future Prospects -- Statistical Appendix -- References -- Publications of the IMF African Department, 2009-12 -- Boxes -- 1.1. South Sudan: Newest IMF Member -- 1.2. Debt Dynamics in the Baseline over the Medium-Term -- 1.3. Global Food Prices and Food Security in Sub-Saharan Africa -- 1.4. Energy Subsidies in Sub-Saharan Africa: Costly, Untargeted, and Inefficient -- 2.1. The Role of Nigeria and South Africa in the Network of Sub-Saharan African Merchandise Trade -- 2.2. Linkages among Sub-Saharan Africa Stock Exchanges -- 2.3. Spillovers within the Southern Africa Customs Union -- 2.4. Energy Linkages between Nigeria and Surrounding Countries -- 2.5. Informal Trade between Benin and Nigeria -- 3.1. Structural Transformation in Asia -- 3.2. Formal and Informal Employment -- Tables -- 1.1. Sub-Saharan Africa: Real GDP Growth -- 1.2. Sub-Saharan Africa: Other Macroeconomic Indicators -- 1.3. Sub-Saharan Africa: Financial Soundness Indicators in 2011, Selected Countries -- 1.4. Sub-Saharan Africa: Indicators for Fiscal Policy Room -- 2.1. Sub-Saharan Africa: Key Nonfinancial South African Firms Operating in the Region.

2.2. Sub-Saharan Africa: Key South Africa-based Financial Groups Operating in the Region -- 2.3. Sub-Saharan Africa: Key Linkages with South Africa, 2010 -- 2.4. Main Recipients of Remittances from Nigeria -- 2.5. Nigeria and Neighboring Countries' GDP -- 2.6. Nigeria and Neighboring Countries' CPI -- 3.1. Structural Transformation in Sub-Saharan African Countries: Productivity Growth and Change in Agricultural Output Shares, 1995-2010 -- 3.2. Structural Transformation in Sub-Saharan African Countries: Output Shares of Ariculture, Mining, Manufacturing, Construction, and the Tertiary Sector, 1995-2010 -- 3.3. Education Characteristics 2010 -- 3.4. Structural Empediments -- Figures -- 1.1. Sub-Saharan Africa: Food and Nonfood Inflation -- 1.2. Sub-Saharan Africa: Nominal Credit to the Private Sector -- 1.3. Sub-Saharan Africa: Overall Fiscal Balance, 2004-13 -- 1.4. Sub-Saharan Africa: Government Debt Ratios, 2000-12 -- 1.5. Sub-Saharan Africa: Exports and the Current Account by Regional Groups -- 1.6. Sub-Saharan Africa: Financial Soundness Indicators -- 1.7. Selected Regions: Real GDP Growth, 2008-13 -- 1.8. Selected Regions, Inflation, 2008-13 -- 1.9. Sub-Saharan Africa: Growth Prospects, 2012-13 -- 1.10. Sub-Saharan Africa: Downside Scenario -- 1.11. Sub-Saharan Africa: Changes in CPI Inflation from 12-months Earlier, End-2012 vs. End-2011 -- 1.12. Sub-Saharan Africa: Reserve Coverage and Current Account Balance -- 2.1. Sub-Saharan Africa: Intra-Regional Exports, 1981-2010 -- 2.2. Sub-Saharan Africa: Exports to South Africa from Neighboring Countries -- 2.3. South Africa: Outward Direct Investment -- 2.4. BLNS: Customs Revenue Payments -- 2.5. Bilateral Correlations of Output in Sub-Saharan Africa -- 2.6. Western Africa: Exports to Nigeria -- 2.7. Relevance of Imports from Nigeria -- 2.8. Number of Subsidiaries of Nigerian-based Banks.

2.9. Share of Migrants to Nigeria to Total Population -- 3.1. Sub-Saharan Africa: Agriculture's Shares in GDP and Total Employment and Real GDP per capita, 2010 -- 3.2. Average Labor Productivity -- 3.3. Growth Rate of Real GDP per Person in the Labor Force, 1995-2010 -- 3.4. Average Years of Total Schooling and Highest Level of Education Attained -- 3.5. Sub-Saharan Africa: Sectoral Output and Employment, 1995-2010 -- 3.6. Sub-Saharan Africa: Labor Productivity and Change in Employment Shares, 1995-2010 -- 3.7. Asia: Labor Productivity and Change in Employment Shares, 1995-2010 -- 3.8. Average Labor Productivity in the Agriculture Sector, 1985-2010 -- 3.9. Manufacturing Productivity Growth vs. Real GDP Per Capita -- 3.10. Change in Manufacturing and Mining Output and Export Shares, 1995-2010 -- 3.11. Change in Service Output and Export Shares, 1995-2010 -- 3.12. Tanzania: Composition of Exports of Goods and Services -- 3.13. Namibia: Composition of Manufactured Exports -- 3.14. Mauritius: Exports and FDI Inflows -- 3.15. Contribution to Real GDP Growth by Sector, 2005-11 -- 3.16. Kenya: ICT Services Exports -- List of Tables -- SA1. Real GDP Growth -- SA2. Real Non-Oil GDP Growth -- SA3. Real Per Capita GDP Growth -- SA4. Consumer Prices, Annual Average -- SA5. Consumer Prices, End of Period -- SA6. Total Investment -- SA7. Gross National Savings -- SA8. Overall Fiscal Balance, Including Grants -- SA9. Overall Fiscal Balance, Excluding Grants -- SA10. Government Revenue, Excluding Grants -- SA11. Government Expenditure -- SA12. Government Debt -- SA13. Broad Money -- SA14. Broad Money Growth -- SA15. Claims on Nonfinancial Private Sector -- SA16. Exports of Goods and Services -- SA17. Imports of Goods and Services -- SA18. Trade Balance on Goods -- SA19. External Current Account -- SA20. Official Grants -- SA21. Real Effective Exchange Rates.

SA22. Nominal Effective Exchange Rates -- SA23. External Debt to Official Creditors -- SA24. Terms of Trade on Goods -- SA25. Reserves.