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Economic Report on Africa 2000

Transforming Africa’s Economies

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Many African economies are still characterized by a heavy reliance on the primary sector, high vulnerability to external shocks, jobless growth and slow progress towards social development. It is essential for African countries to promote economic diversification and structural transformation as a means to accelerate and sustain broad-based and shared high-employment-generating growth. This Report highlights that failure of earlier state-led and market-driven approaches to promoting economic transformation points to the need for fostering long-term investment, rapid and sustained economic growth, equity and social development within inclusive, transparent and comprehensive development frameworks.

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Structural transformation

The key to achieving sustainable growth and reducing the vulnerability of African economies to outside shocks is to transform the structure of Africa’s economies. This will enable competitive industries to produce high value-added products that cancompete in the global marketplace. But achieving these goals requires an investment rate of about 40% of GDP.

English

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