1887

Economic Report on Africa 2004

Unlocking Africa’s Trade Potential

image of Economic Report on Africa 2004

The Economic Report on Africa is an annual series that reviews the continent’s economic performance and near-term prospects. This year’s report’s main conclusion is that trade liberalization alone will not boost growth and poverty reduction in Africa. In 2003, Africa was the second fastest growing developing region, yet, only 5 countries achieved the 7% or higher growth rate required to reach the Millennium Development Goal of halving poverty by 2015. FDIs inflows continued to increase but still remain largely concentrated in the natural resources sector. Although the regional outlook for 2004 is positive, with growth projected to accelerate, there are still several downside risks to be faced.

English

.

Overview

After fifty years progress, the future of the multilateral system of trade negotiations is surrounded by uncertainty. The collapse of the Cancun World Trade Organization (WTO) Ministerial Meeting in 2003 has put pressure on the Organization of Economic Co-operation and Development (OECD) countries to reduce agricultural subsidies and other domestic support measures that distort global trade and contribute to the marginalization of Africa in the international trading system.

English

This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error