The World Bank's Africa Development Indicators (ADI 2007), launched yesterday in Johannesburg, would indicate that there is in fact reason to be optimistic.
During the last decade many African countries have achieved steady economic growth, much needed to reduce the levels of poverty in the continent. In the words of Obiageli Ezekwesili, World Bank Vice President for the Africa Region.
Over the past decade, Africa has recorded an average growth rate of 5.4 per cent which is at par with the rest of the world. The ability to support, sustain and in fact diversify the sources of these growth indicators would be critical not only to Africa’s capacity to meet the MDGs but also to becoming an exciting investment destination for global capital
ADI's main warning refers to Africa's growth volatility, a condition which remains a risk to investment. Some of the 50 factoids on Africa add some perspective and show that there is still a long way to go:
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Crude oil comprises more than half of total Africa’s exports.
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In two thirds of SSA countries, one or two products are responsible for at least 60% of the country’s total exports.
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Growth volatility is five times higher in SSA than that observed in low and middle income countries.
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South Africa’s and Nigeria’s GDP comprise 54% of total SSA’s GDP.
The full report is available on-line, as is its pocket edition, the Little Data Book on Africa
