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Thursday, April 3, 2008 - Web posted at 8:04:09 GMT Strong African growth continues, says report TOM MINNEY in ADDIS ABABAFORECAST growth for African economies will be an average 6,2 per cent in 2008, according to 'Economic Report on Africa' (ERA 2008), an annual joint flagship publication of the United Nations Economic Commission for Africa (ECA) and the African Union (AU). |
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The report was launched in Addis Ababa yesterday. According to the report, African economies continued their growth momentum and achieved an overall real GDP growth rate of 5,8 per cent in 2007. Some 30 countries recorded higher economic growth rates in 2007 than 2006, but growth performance varied substantially across countries and regions. The report, titled 'Africa and the Monterrey Consensus: Tracking Performance and Progress', also notes that economic growth has not yet translated into meaningful social development and has not benefited vulnerable groups. Africa's economic growth performance was driven mainly by robust global demand and high commodity prices. Other growth factors on the continent include: consolidation of macroeconomic stability, improving macroeconomic management and greater commitment to economic reforms, increased private capital flows and debt relief, increasing non-fuel exports. Africa has also witnessed a decline in political conflicts and wars, especially in West and Central Africa, though peace remains fragile in some parts of the continent. Key challenges to growth in 2008 include a fall in global commodity demand and prices and the risk of sharper slowdown in the US economy. High oil prices hurt the many countries that import oil by weakening the current account and adding inflationary pressure, at the same time as continuing to benefit oil exporters including Angola and Nigeria. CONSTRAINTS Other constraints to Africa's growth are political instability in some countries, inefficient public infrastructure and unreliable energy supply at the national level, as well as poor integration of transportation and energy networks at the sub-regional level. The report also assesses progress in Africa in the implementation of the 2002 Monterrey Consensus on financing for development (FfD). It says that substantial progress has been made in the area of external debt relief. However, very limited progress has been made in the other core areas of the Consensus such as mobilising domestic financial resources for development; mobilising international resources for development; promoting international trade as an engine of development; increasing international financial and technical cooperation for development; and addressing systemic issues. 'ERA 2008' report stresses that it is essential to monitor the commitments made by African countries as well as their development partners to achieve the Monterrey Consensus objectives. African leaders have recognised this and have put mechanisms in place to monitor progress on implementing their own commitments as well as those of their development partners. African leaders have established an annual African Ministerial Conference on FfD and the international community has also put mechanisms in place to monitor donor performance. The implementation of these commitments is important for Africa to achieve meaningful results in poverty reduction and lay the foundation for a brighter future for its peoples. |
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