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Africa's economic prospect and challenges

Louis Kasekende, Sudhir Shetty

21-22 February 2008

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Key Messages

  1. African growth picking up and becoming more broad
  2. Cyclical and Policy factors explain most of the growth
  3. An opportunity not to be missed: growth remains volatile and major development challenges persist
  4. Need to sustain the good times
Good policy has also contributed to the recent good time
  • Better economic management
  • More competitive exchange rate
  • Better institutions
  • Better governance
  • Fewer conflicts

To sustain the good times and avoid the bad
  • In resource-scarce economies:

    Accelerating productivity growth and increasing private investment are key.

    Therefore, emphasis on:
    • Improving the investment climate
    • Improving infrastructure
    • Spurring innovation
    • Building institutional capacity

  • In resource-rich economies:

    Ensuring that natural resource wealth translates into broad-based income growth and delivery of services is key.

    Therefore, emphasis on:
    • Awards of contracts and licenses
    • Regulation and monitoring of operations
    • Collection and disclosure of taxes and royalties
    • Resource extraction and economic management decisions
    • Public spending for sustainable development

  • In fragile and conflict-affected situations:

    Laying the basis for long-term recovery is critical.

    Therefore, emphasis on:
    • Preventing of escalation or resumption of conflict
    • Achieving visible results in terms of service delivery through alternative mechanisms
    • Focusing on ways to enhance the capacity and accountability of state institutions



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