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Many analysts and research groups have voiced optimism about the African economy and predicted that the African economy will witness a comparatively steady and rapid growth in the coming years.
In its latest World Economic Outlook report released Wednesday, the International Monetary Fund (IMF) said Africa's economy will grow by 4.5 and 5.9 percent this year and in 2006, the first time for the continent's economic growth to outpace the 3-percent population growth in 12 years.
The IMF forecast has been echoed by international organizations such as the United Nations Economic Commission for Africa and the African Development Bank, which have made similar predictions for the African economy.
In 2004, the number of African nations with a growth rate of 5-plus percent rose to 21 from 18 a year earlier.
Researchers expect the figure to rise further this year and the next year, as the general economic situation in Africa is poised to be stable, foreign debts to continue to decline, exports to grow further and the oil, mineral and tourism industries to maintain a strong growth.
A leading factor attributable to Africa's robust economic growth is the efforts made by African countries for their prosperity, analysts said.
Over decades after their independence, African countries have suffered repeated setbacks in economic development, as they copied foreign development modes unsuitable for themselves and seldom relied on their own strength.
In recent years, African countries, which have gradually realized that they must embark on a development path of their own, began to step up reforms, improve their macro-economic environment and develop a diversified economy.
Meanwhile, they also have taken more prudent monetary and fiscal policies, attached more importance to their collective strengthen, and strengthened dialogue with developed countries on economic issues.
The continent's rich resources also have helped boost its economic growth.
The economies of major African nations are resources-based, such as Algeria in North Africa, Nigeria in West Africa, Equatorial Guinea and Gabon in central Africa, and Angola in Southern Africa, whose economies are all developing on their rich oil resources.
The soaring oil and raw material prices have led to a sharp economic growth in those resource-exporting African countries.
An improved exterior economic environment also has benefited the African economy.
The strong growth of the world economy, the brisk world demand, increased international development aid to African countries and favorable policies offered by Western countries have proved beneficial to the African economic development.
The debt-waiving efforts by wealthy countries also will help ease the debt crisis faced by many African nations to some extents.
Earlier this year, the Group of 8 finance ministers' meeting in London agreed to exempt US$40 billion in debt owed by 18 of the world's poorest countries, most of them in Africa.
The Paris Club of creditor nations also decided recently to write off US$18.3 billion from the US$30.5 billion in debt owed by Nigeria.
However, analysts still forecast a bumpy and long road ahead for the African economy. The continent's economic growth is still far away from the 7 percent target set in the UN Millennium Development Goals, they said.
It remains an overriding and tough task for African countries to eliminate poverty, curb diseases, prevent turmoil, improve investment environment, eradicate corruption, strengthen regional cooperation and seek a sound international trade environment, said the analysts.
(Xinhua News Agency September 23, 2005)
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