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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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Global Development Challenges for Africa in 2006

This chapter deals with Africa’s global development challenges in 2006. These challenges particularly relate to trade negotiations at the multilateral and bilateral level and to financing development. It is clear from analysis at the continental level that results are mixed when trade negotiations and the financing development issues are considered together. Thus, this chapter shows that although there is good news at the level of financing development with progress in debt relief initiatives, commitment to scale up aid in order to achieve the MDGs and agreement to improve aid effectiveness, trade negotiations are far from realizing Africa’s priorities. In particular, at the level of multilateral trade negotiations, there has been limited progress towards addressing the priorities of Africa in a way that would enable trade to realize its potential as a key pillar for economic development of the continent. In the same vein, bilateral trade negotiations especially between African countries and developed country economies such as is the case with the EU are raising major challenges given the centrality of reciprocity in these negotiations.

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