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Pyrex Journal of Economics and International Finance (PJEIF)

June 2016 Vol. 1(1), pp. 14-19

Copyright 2016 Pyrex Journals




Full Length Research Paper


Sudan's Economic Decline and the Role of Fiscal and Monetary Policies in Sustaining Recovery


Yagoub Elryah

Associate Research, Economic Research Forum (ERF)
Assistant Professor, Researcher, Industrial Research and Consultancy Center IRCC, Sudan.

Corresponding Author E-mail: yagoubelryah@hotmail.com

Accepted 24th June, 2016



Abstract


Economic recovery continues to elude Sudan. The absence of proper strategies, economic reforms and lack of fiscal and monetary policies have now resulted in low levels of per capita income, where a majority of labor force involved in agricultural activities. The paper provides a new structural economic perspective of such declines. The research seeks to study and analyze the recent economic reforms policies and its implications in supporting structural transformation and economic development, which aimed to improve the standard of living, enhancing macroeconomic stability and sustaining inclusive growth. The author reviews the different theories on structural change, economic development and industrial growth. A Factor Augmented Vector Auto regression Approach was used to test our model. We conclude that Sudan has significant potentiality for stabilizing its economy in the three-year economic reform 2012-2014. The author recommends for the ongoing a five-year economic reform 2015-2019, the fiscal, financial, institutional, and regulatory reforms are needed to enhance productivity and raise growth. The results would provide information to policy makers to design an optimal industrial strategy and thus lead to structural transformation.

Keywords: Industrial policy; Structural change; Economic development; Monetary and Fiscal policies.

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