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he
report offers an interesting projection of the continental economic growth in
the individual regions:
NORTH AFRICA - Real GDP growth in North African countries is expected to remain
high at 6 per cent, in both 2007 and 2008 on account of the exceptionally high
growth rates estimated for Mauritania and Sudan, mainly due to increases in oil
and gas production; strong growth was also recorded in Egypt (6.8 percent). In
Morocco, the recovery of agricultural output with the ending of the drought led
to a GDP growth of 7.3 percent in 2006.
SOUTHERN AFRICA – This area remains one of the continental economic
‘motors’, in particular South Africa, where growth (at around 5 percent) has
been mainly driven by domestic demand and does not depend on particular
exportations. Angola’s ‘wealth’ instead comes mainly from outside: thanks
to its rising oil sector activity the nation’s growth rate is expected to
nearly double to 27 per cent in 2007, though many analysts stress the lack of
positive effects on the population, forced to live on a little over 1$ a day,
due to the government administration of the oil proceeds.
WEST AFRICA – Estimates of the African Development Bank (ADB) indicate that
economic growth in the region is projected to accelerate from 4.8% in 2006 to
5.9 percent in 2007, towed by Nigeria’s oil, particularly in view of a
possible – though still far – accord in its oil-rich Niger Delta region.
Also the performance of Sierra Leone (diamond exporter) and Ghana (gold)
performance continue to be relatively strong with a growth at 7.4 per cent and
6.1 per cent, respectively.
EAST AFRICA – Ethiopia, Uganda and Tanzania – despite persistent poverty in
some areas - remain the fastest growing countries in the sub-region, with a
growth – as indicated in the report to be presented today in Shanghai -
projected to accelerate from 5.1 per cent in 2006 to 5.8 or 6% in 2007, thanks
mainly to exportations in different agricultural sectors and in that of
floriculture.
“Africa needs a sustained and constant economic growth”, the president of
the African Development Bank (ADB), Donald Kaberuka, said today on the second
and final day of the annual summit underway this year in Shanghai, China. After
indicating the figures of the latest African Economic Outlook – with economic
growth at 5.5 percent in 2006 and a projection of 6.5% for 2007 – Kaberuka
underlined that “today Africa is better poised for economic prosperity and
better governance than it has been for decades”.
However, the ADB president warned that millions of Africans still live in
countries with economies which are stagnating, contracting or barely keeping up
with population. Peaceful environment and constant reforms are “crucial” for
sustained economic growth of Africa, he said. “Many countries have benefited
from windfalls for higher world market prices of oil, mineral and soft
commodities, but windfalls cannot be forever”, the president said to the
delegates of the 77 member nations of the African Bank, calling on all States
for a more effective management on debts and natural resources as well as better
infrastructure.
Africa needs a sustained and constant economic growth... today Africa is better poised for economic prosperity and better governance than it has been for decades
“Africa needs to sustain this growth rate (5.5% in 2006 and a projected
6.5% in 2007) for many years, perhaps 15 years, in order to see an impact on the
level of poverty”, said the president of the African Development Bank for (ADB),
Donald Kaberuka, closing the second and final day of the annual summit in
Shanghai, China. Kaberuka said that “with the exception of a handful of
countries, in 2015, many African countries shall not have achieved the UN
Millennium Objectives to halve poverty and increase access to safe water and
healthcare by 2015.”
Where there is water in the village; young girls go to school; where there is
water in the village, children do not die from dysentery. Where there is water
in the village, data on health and education improve”, added Kaberuka, asking
all partners of Africa and the delegates of the 77 members states of the ADB to
help the continent meet the Millennium Goals.
(From MISNA)