La vulnérabilité économique, défi persistant à la croissance africaine

While after a long stagnation growth seems to have come back in Africa, the issue remains to know whether the new African growth is sustainable. This paper examines to what extent African growth is vulnerable to exogeneous shocks and what are the implications for international development finance. First it evidences the persistent vulnerability of African economies with regard to the U.N. Economic Vulnerability Index (EVI), using a first retrospective series of that index. Second, relying on several recent works, it underlinesthat structural vulnerability matters, in particular in Africa. Finally it considers how international development finance can be used to face the vulnerability of African economies, suggesting to use structural vulnerability as one of the aid allocation criteria and to adapt aid modalities so that it can effectively serve as an insurance