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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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Obstacles to Africa’s development

A country’s growth rate generally depends on endowments, preferences, institutions, macroeconomic stability, an outward orientation, and financial market development. Indeed, the empirical and theoretical literature on growth and development has identified at least 62 statistically significant explanatory variables influencing the growth performance of different economies. Of these, three have consistently been reported as significant:

English

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