Yes Africa Can : Success Stories from a Dynamic Continent
Over the past decade Sub-Saharan Africa has seen a remarkable turnaround in economic performance. After years of stagnation, economic growth has spurted gross domestic product (GDP) grew from an annual average rate of less than 2 percent in 1978-95...
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| Format: | Publication |
| Language: | English |
| Published: |
World Bank
2012
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| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333038_20110725052017 http://hdl.handle.net/10986/2335 |
| Summary: | Over the past decade Sub-Saharan Africa
has seen a remarkable turnaround in economic performance.
After years of stagnation, economic growth has spurted gross
domestic product (GDP) grew from an annual average rate of
less than 2 percent in 1978-95 to nearly 6 percent over
2003-08. Inflation is half its level of the mid-1990s.
Private capital flows have risen to $50 billion, exceeding
foreign aid. Exports are growing, as is private sector
activity. The number of democratic regimes has risen and the
security situation has improved. The poverty rate is falling
by 1 percentage point a year. Countries such as Ethiopia,
Ghana, Mauritania, and Rwanda are on track to reach many of
the millennium development goals. Nine African countries
have achieved or are on track to achieve the target for
extreme poverty. Among other encouraging trends are more
fair and effective leadership, an improving business
climate, increasing innovation, a more involved citizenry,
and growing reliance on home-grown solutions. More and more,
Africans are driving African development. This increased
dynamism in Sub-Saharan Africa is evident across a broad
swath of countries. It has created optimism that
Africa's favorable development performance will be long
lasting and that it could dramatically transform countries
in the region. Along the way, the prevailing discourse on
Africa's economic development has shifted from whether
the region will develop to how the region is developing.
After a review of the major recent economic developments in
Africa, this overview describes the approach and methodology
used in the study of African successes. |
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