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Economic Report on Africa 2008

Africa and the Monterrey Consensus - Tracking Performance and Progress

image of Economic Report on Africa 2008

Economic Report on Africa (ERA) is the key instrument through which African economic performance is tracked and assessed by the United Nations Economic Commission for Africa (ECA) and the African Union Commission (AUC). One of the main goals of the ERA is to identify policy challenges that countries face on the continent and to suggest practical solutions. ERA 2008 assesses progress in terms of meeting international commitments to Africa in the six core areas of the Monterrey Consensus: mobilizing domestic financial resources for development; mobilizing international resources for development; promoting international trade as an engine of development; increasing international financial and technical cooperation for development; external debt relief and sustainability; and addressing systemic issues.

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The way forward

Africa’s overall economic performance has improved since adoption of the Monterrey Consensus in 2002. However, this has not translated adequately into progress with poverty reduction, the ultimate objective. Africa, particularly Africa excluding NA, is still the region with the highest percentage of people living in extreme poverty and deprivation. The 2007 Report on the MDGs published by the United Nations indicates that countries in the continent have not made sufficient progress in reducing poverty. The report stresses that if African countries are to meet the MDG target of halving poverty by 2015, they have to double and scale up their recent successes.

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