Highlights on Africa’s economic recovery at WEF 2011

[Isaac Twumasi Quantus]

The International Monetary Fund published its global economic forecasts Monday. It said the global economy is firmly on the mend this year but challenges are on the rise, particularly from surging oil prices.

According to the report, the world economy will grow at about 4.4 percent this year. However, advanced economies will grow at only about 2. 4 percent, while emerging and developing economies will grow at a much higher 6.5 percent.

African economies have experienced comparatively swift and broad recoveries from the global financial and economic crises, leading to an anticipated continental growth of 5.5 per cent in 2011 and 5.8 per cent in 2012.
However, the report warns that the low quality of this growth could threaten its sustainability and is undermining the continent’s development chances.

In its forward-looking section, the report underscores the potential of partnerships harnessing a broad range of actors and their capacities, resources, and expertise to deliver social and economic development across the continent. It highlights a growing number of highly successful models that are helping to mobilize resources, improve efficiencies, and extend access to goods, services and opportunities across Africa.

Speaking at the launch, the Chair of the Africa Progress Panel Kofi Annan said: “The importance of partnerships for development is becoming more and more evident. We know of many partnerships in Africa that work and change people’s lives, but not enough of them are replicated or brought to scale. This report highlights the significant impact of successful partnerships and outlines tangible steps to initiate, strengthen, replicate and expand such models.”

The report urges African governments, international donors, businesses and civil society actors to help spread successful partnership models across the continent. Harnessing the energy, creativity and resources of public, private and third-sector parties will be vital to speeding development in Africa, it argues.