African economies at the start of the 21st century

image of African economies at the start of the 21st century

Africa made impressive economic progress in the 1990s. Several countries sustained double-digit growth. The climate became more conducive to domestic and foreign investment. Capital markets broadened and deepened. Demand for African manufactured goods increased in Europe and the United States. And in the second half of the 1990s real GDP growth in Africa averaged 4% a year, exceeding the continent’s high population growth rate of 2.8% a year. Export growth nearly doubled to 8% a year. Real GDP grew by 3.2% in 1999, up from 3.1% in 1998.

Related Subject(s): Economic and Social Development
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