http://unwire.org/UNWire/20030730/449_7044.asp
Wednesday, July 30, 2003
By Fanen Chiahemen, U.N. Wire
WASHINGTON — Economic growth slowed in Africa last year, dropping from an
average of 4.3 percent in 2001 to 3.2 percent in 2002, according to The Economic Report on Africa 2003, the
fourth in an annual series published by the U.N. Economic
Commission for Africa that reviews the continent's economic performance and
short-term prospects.
The report also said that of Africa's 53 countries, only five managed to achieve the 7
percent growth rate required to meet the U.N. Millennium Development Goals.
Africa's overall performance reflected a "slower than expected" world trade
recovery, and was weakened by drought, HIV/AIDS in the continent's southern and eastern
regions, and political and armed conflicts in the Central African Republic, Ivory Coast,
Madagascar and Zimbabwe.
A few countries did perform well, however, owing to their "solid reform agendas"
and "good governance," the report said. Mozambique, for example, showed
the fastest growth in Africa at 12 percent. Ethiopia, Rwanda and Uganda grew at 6
percent or more.
Continuing a tradition that began last year, the report profiled seven countries —
Egypt, Gabon, Ghana, Mauritius, Mozambique, Rwanda and Uganda — to highlight best and
worst practices in African economies.
The in-depth studies showed that "stop-go growth in Africa is not conducive to
poverty reduction, or sustainable improvements in living standards, and that one of the
biggest challenges facing Africa is to sustain growth over a long period," UNECA
Executive Secretary K.Y. Amoako said in the report.
Sustainable development, Amoako said, requires "vision and courage — from
African leaders, from the African people, and from all others with a stake in Africa's
future."
The report also said that the U.S.-led war in Iraq will have little impact in African
economies, except for a temporary increase in oil and gold prices which will benefit large
exporters of oil and gold —Nigeria, Algeria, Angola and South Africa.