Uganda Business News: Good prospects for Africa’s economic development
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First published: 20080403 9:39:30 AM EST
Ultimate Media
A new report by the United Nations has indicated that African economies are forecast to grow by an average of 6.2% in 2008 following a strong 2007.
The report titled, Monterrey Consensus: Tracking Performance and Progress however says the struggle against extreme poverty and international support for systemic improvement in Africa leave a lot to be desired.
The report, which is the latest edition of the Economic Report on Africa (ERA 2008), the annual joint publication of the UN Economic Commission for Africa (ECA) and the African Union (AU), says that growth on the continent was driven mainly by robust global demand and high commodity prices.
According to the report, the continent also benefited from continued consolidation of macroeconomic stability and improving macroeconomic management, greater commitment to economic reforms, increased private capital flows, debt relief and increasing non-fuel exports.
The report says African countries will in 2008 have to deal with challenges of Key the risk of sharper slowdown in the United States economy, a fall in global commodity demand and prices and high oil prices.
In addition to political instability in some countries, inefficient public infrastructure and unreliable energy supply at the national level as well as poor integration of transportation and energy networks at the regional level continue to pose economic constraints, the report notes.
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