Wednesday, March 30, 2011

UNECA, AUC launch Economic Report on Africa 2011

(March 29, 2011, Addis Ababa, ENA) - The United Nations Economic Commission for Africa (UNECA) and the African Union Commission the Economic (AUC) Report on Africa 2011 launched here on Tuesday at the United Nations Conference Center.

The Report focuses on two fundamentals of Africa’s development experience.

Ensuring sustainable and high economic growth rates, combined with high levels of social development in Africa is the first focus of the report.

Its second priority is achieving the desired degree of diversification and transformation in Africa requires the state to assume and play a pivotal role in the development process.

Through the prism of changing development strategies, the Report reviewed, Africa’s economic growth and social development experiences since 1960s to establish the strengths and weaknesses of theses strategies.

Growth of the world economy is forecast to slow down to 3.1 percent in 2011, according to the report.

Expansion of developed economies is forecast at only 1.9 percent in 2011, in contrast to developing economies’ 6 percent, it added.

Africa’s average growth improved notably since the turn of the 21st century.

The report put average annual real per capita GDP growth rates of African countries since 1960 to 2007 by dividing it into four categories, namely, low, moderate, high and very high.

Some of African nations including Ethiopia, Cameroon, Comoros, Kenya and Algeria, among others, are categorized under high GDP growth rates which registered 6 to 10 percent.

The other nations include, among others, Tanzania, South Africa and Egypt are mentioned under low (1-3 percent) GDP growth rates.

Madagascar, Rwanda, Zimbabwe, Togo and others are worth mentioning under very high (10+) GDP growth rates.

The report recommended that African countries adopt a developmental state approach that uses the market as an instrument rather than a sole mechanism for fostering long-term investment, rapid and sustained economic growth, equity and social development.

The economic Report on Africa series is a joint undertaking between the United Nations Economic Commission for Africa and the African Union Commission.
Source: ena. gov. news

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