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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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Growth and social development in Africa in 2007 and prospects for 2008

Economic performance in Africa continued to improve in 2007. The continent recorded a high level of growth, improved fiscal and current account balances, a relatively stable macroeconomic environment and increasing domestic savings and investment rates. However, these improvements were mainly due to high oil revenues in oil-exporting countries and remain insufficient for Africa to meet the MDGs. The continent needs to sustain high levels of growth in order to achieve meaningful economic and social development.

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