The African economy will grow by more than 3.7 percent annually and per capita GDP will rise over 1.5 percent by 2010; most African countries will see their economies maintain at 4-5 percent at the beginning 25 years of the century, according to a recent report on Africa's economic prospect.
The report, issued by the United Nations, United Nation's Economic Commission for Africa and International Monetary Fund, also indicates the African countries still have to face many difficulties and obstacles if they want to achieve sustained economic growth.
According to the United Nation's World Economic Situation & Prospects 2006, the Africa economy this year is expected to surge by 5.5 percent. The north part and South-Saharan region will rise 5.7 percent and 5.3 percent respectively. Africa's largest oil producer and exporter Nigeria is expected to grow by 6 percent and South Africa by 5 percent.
Though 2005 marks the eleventh year for the continent to maintain a continuous growth, disparities still continued as economies in Africa South of the Sahara lagged far behind that of the north part. Oil exporters remained to be the fastest growers with their economies up to 5.8 percent, clearly higher than the average level of the whole Africa.
The report also shows Angola, Chad, Liberia, Sierra Leone were the fastest growing countries with average growth rate exceeding 7 percent last year among Africa's 53 countries. This indicates ending civil war and maintaining stability are the prerequisites for economic development.
There are several factors pushing up Africa's economic growth. First, the New Partnership for Africa's Development, a strategic framework for Africa's renewal, upholds that Africa economic development should be African-centered and stresses coordinated relations with international community, it also hopes to achieve gratifying results in the implementation process and create sound environment for all African countries.
Secondly, most African countries continue to make progress in macroeconomic reforms. Economic infrastructures have been strengthened, government management level also improved.
Though some countries were affected by droughts, pests and other natural disasters, the overall situation in agriculture is good.
In addition, increased foreign direct investment and official aids, reduction on debts, rising global demands, surging primary products prices, particularly the oil prices, also refueled vigor for the continent's economic growth.
Africa is the second largest continent in the world in area and its population accounts for 13 percent of the world total, but economy only makes up 2 percent.
Though Africa maintains a faster economic growth, it is still difficult for it to narrow the gap with the world's average in a short term due to its small economy aggregate and low starting point.
African countries will have to overcome numerous difficulties if they want to reach the goal set in the New Partnership for Africa's Development.
What is more conspicuous, among the world 49 least developed countries, 34 are in Africa including the 10 most impoverished ones. What is more, 8 million displaced refugees, 23 million AIDS/ HIV sufferers and carriers, over 200 million chronically malnourished are living on the continent. The current economic growth is far from enough to keep the continent out of poverty.
When people are optimistic about Africa, they should also be aware that overcoming difficulties, eradicating poverty and promoting development are a long-term and arduous task.
The common prosperity of the world would not be successful without Africa, and if it wants to realize the goal of the United Nations, it needs world help.
(People's Daily Online April 19, 2006)
