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The World Bank Annual Report 2002 : Chapter 5 - Regional Perspectives

By The World Bank

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Economics

Excerpt
A new dynamic has emerged on the continent, with African people and leaders increasingly taking the reins of the development agenda. Despite a difficult economic environment, growth in Africa has averaged about 3 percent in the last fiscal year, and wellmanaged countries, which have implemented solid reform agendas and built a record of stability and good governance, had an average growth of 4 percent. This still falls short of the 7 percent needed to reach the Millennium Development Goal (MDG) of halving poverty by 2015. Governance issues continue to plague a number of countries in the region, while the slow pace or lack of political and economic progress in some of the key countries also affects investors? perceptions of the continent. While the prospect of Africa meeting the MDGs remains uncertain, the picture is not a uniform one. Increased primary school enrollments have improved prospects in education, but such progress has not been registered in the health sector. The spread of human immunodeficiency virus/acquired immune deficiency syndrome (HIV/AIDS) is having an impact on growth and income and threatens to wipe out important gains in life expectancy. The global economic slowdown has also had a negative impact on Africa?s development. Several countries registered slower export market growth, especially in nontraditional exports such as horticultural products. The situation has been particularly difficult for non-oil-commodity-dependent countries such as copper-producing Zambia or cotton-producing countries in West Africa. Farm subsidies in the industrial countries have also distorted and depressed prices for some products, limiting developing-country farmers? prospects for escaping poverty. This situation has further highlighted the need for export diversification, which has made it possible to cushion the economic shocks in several countries. Aid flows to Africa have been declining, having fallen in per capita terms by about 40 percent over the past decade, although recent commitments at the Monterrey conference hold out the prospect for a reversal of these trends.

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Book Id: WPLBN0000189433
Format Type: PDF eBook
File Size: 5.04 MB
Reproduction Date: 2005
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Title: The World Bank Annual Report 2002 : Chapter 5 - Regional Perspectives  
Author: The World Bank
Volume:
Language: English
Subject: Economics, Finance & business, World Bank.
Collection: Economics Publications Collection
Subcollection:
Historic
Publication Date:
Publisher: The World Bank
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