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Economic Report on Africa 2007

Accelerating Africa’s Development through Diversification

image of Economic Report on Africa 2007

Profound changes are increasingly occurring in all areas of the world economy. While the industrialized and emerging economies are able to contain the multiple external and internal shocks generated by these changes, Africa on its part is still struggling to cope with them. The analyses reported in the present edition of the Report review the world economy and map out prospects for development in Africa through the institution of structural reforms to diversify and modernize the economy, enhance competitiveness, promote trade, accelerate growth and reduce poverty.

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Recent Economic Performance in Africa and Prospects for 2007

African countries still face the critical challenge of raising the rate of GDP growth and sustaining high growth rates over an extended period in order to accelerate progress towards meeting the Millennium Development Goals (MDGs). While growth has recovered over the past few years, very few countries have achieved and maintained the growth rates necessary to reduce poverty. Africa still tails behind other regions in most measures of human development. The continent is plagued by shocks from the vagaries of international markets and climatic changes as well as the expansion of the HIV/AIDS pandemic. To improve the situation, it is clear that African countries need to become more innovative in terms of resource mobilization and in the design of pro-growth and pro-poor policies to tackle the problems of mass unemployment, persistent poverty, and pervasive inequality. Such innovative policies are critical for sustaining the current growth momentum on the continent.

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