Publication: Yes Africa Can : Success Stories
from a Dynamic Continent
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Date
2011
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2011
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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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“Chuhan-Pole, Punam; Angwafo, Manka. 2011. Yes Africa Can : Success Stories
from a Dynamic Continent. © World Bank. http://hdl.handle.net/10986/2335 License: CC BY 3.0 IGO.”
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