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Economic Report on Africa 2002

Tracking Performance and Progress

image of Economic Report on Africa 2002

Africa was the only developing region to accelerate its growth in a turbulent year that saw the synchronized slowdown of all major economies and heightened uncertainty about prospects for the world’s largest economy. Yet Africa’s average annual GDP growth of 4.3% masks sharp disparities. This year’s report builds on the work of the two previous reports in laying out an agenda for Africa based on systematic benchmarking of economic performances. It begins with a discussion of broad economic trends in 2001 and prospects for 2002. It also reveals general improvements in policy. Finally, in a new feature, this report supplements the traditional region-wide analysis with seven in-depth country studies.

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Guinea—From a Command to a Market Economy

Guinea is often referred to as a geological oddity because it is so richly endowed with mineral resources. The country is the second largest producer of bauxite and has vast untapped reserves of the mineral that can be easily extracted through open pit mining. Guinea also has huge quantities of gold and iron as well as zinc, copper, nickel, marble, and granite. Perhaps even more notable are the country’s supplies of high-quality diamonds. Yet despite this immense wealth, Guinea ranks among the world’s least developed countries.

English

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