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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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Nigeria—Untapped Potential

Thanks to a wealth of oil and human resources, Nigeria has the potential to become one of Africa’s leading economies. But years of mismanagement and social division have paralysed the giant of Africa. Real GDP growth was projected to rise slightly in 2001 to 4.0%, up from 3.8% in 2000, largely as a result of improvements in the non-oil sector. The oil sector was hurt by a slump in oil prices and by oil production constraints imposed by the Organization for Petroleum Exporting Countries (OPEC).

English

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