Africa’s economic outlook

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The OECD has released their African Economic Outlook 2005/2006. See the press release:

The African economy is expected to grow by 5.8 per cent this year and another 5.5 per cent next year. Oil-exporting countries are outpacing others by a substantial margin while other countries continue to face serious problems.

Overall, the outlook for much of Africa continues to be more favourable than it has been for many years. Continued global expansion means sustained demand and higher prices for African oil and other industrial raw materials. An increase in official development aid and improving macroeconomic stability have also contributed to Africa’s positive economic outlook… Democracy has started to take root in a number of countries in the last decade and that there are fewer conflicts. However many countries are still riddled by corruption which is hindering private-sector development.

Our Word Is Our Weapon points us to a summary article, as well as a policy note which questions whether Africa has become a two-speed continent divided between oil-exporting and non-oil-exporting countries. Also see summary data from the report.

Update: The possible future impact of China and India on Africa.

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