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Economic Report on Africa 2000

Transforming Africa’s Economies

image of Economic Report on Africa 2000

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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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.

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