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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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Overview

Growth in the world economy improved slightly in 2006 relative to 2005, from 3.5 per cent to 3.8 per cent. It is driven by the strong performance by Asian economies, which continue to post growth rates above 8 per cent. In contrast, growth in advanced economies remains modest and is yet to reach the pre-2001 level. Key constraints to growth include the massive global macroeconomic imbalances along with tight macroeconomic stances in advanced economies, which prevent demandled recovery. High oil prices undermine growth in both advanced and developing countries through high production costs.

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