AFRICAS SITUATIONAL ANALYSIS: GROWTH AND CHALLENGES: At the start of the 21st Century the image of Africa was that of a lost continent characterized by low economic growth rates, instability, poverty, hunger, corruption, …etc. Since early 2000, there has been a turnaround of fortunes with Africa showing considerable economic vigor and resilience in the face of uncertainty triggered by the global financial and economic crisis and recession in the Euro zone. Growth has averaged around 5% , a rate higher than any other period since the early 1970s. Between 2000 and 2011 six of the ten fastest growing countries in the world were in Africa (Angola, Chad, Ethiopia, Mozambique, Nigeria and Rwanda). Notable progress is being made in MDGs, improved governance, Lower costs of doing business, expanding middle class, youth bulge. Increased inflows of FDI and remittances; ICT revolution. Africa is making steady progress across a broad front, spanning economic growth, social development & democratization, development of human capital and fostering peace and stability. Many of the gains made have elements of sustainability, and are likely to be maintained unless significant disruptive forces emerge to derail the path to progress and self-reliance. HOWEVER, notwithstanding these gains, significant challenges lie ahead; The growth has not been inclusive and has been commodity driven. The growth has not created sufficient jobs, especially for Women and Youth, and has not translated into poverty reduction. Income inequalities has increased. There has been a process of de-industrialization, declining agriculture productivity, rising food and nutrition insecurity.
Posted on: Wed, 12 Mar 2014 06:42:44 +0000
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