THE WORLD BANK GROUP SUB-SAHARAN AFRICA IN 2011 HAS AN UNPRECEDENTED OPPORTUNITY FOR TRANSFORMATION AND SUSTAINED GROWTH

THE WORLD BANK GROUP SAYS SUB-SAHARAN AFRICA IN 2011 HAS AN UNPRECEDENTED OPPORTUNITY FOR TRANSFORMATION AND SUSTAINED GROWTH.

THE BANK SAYS UNTIL THE ONSET OF THE GLOBAL ECONOMIC CRISIS, GROSS DOMESTIC PRODUCT GROWTH HAD BEEN AVERAGING 5% A YEAR FOR A DECADE, ACCELERATING TO OVER 6% IN 2006 TO 2008.

THE BANK SAYS ALONGSIDE THE ACCELERATION IN GROWTH, PROGRESS ON THE MILLENNIUM DEVELOPMENT GOALS HAS BEEN SUFFICIENTLY RAPID AND THAT MANY COUNTRIES ARE LIKELY TO REACH MOST OF THE GOALS BY 2015.

THE BANK FURTHER SAYS AFRICA’S PRIVATE SECTOR IS INCREASINGLY ATTRACTING INVESTMENT, AND THE CLIMATE FOR MARKET-ORIENTED, PRO-POOR REFORMS IS PROVING TO BE ROBUST.

ACCORDING TO A NEW FIVE YEAR WORLD BANK STRATEGY FOR AFRICA RELEASED TODAY, AFRICAN COUNTRIES DESPITE THESE GAINS CONTINUE TO FACE PERSISTENT, LONG TERM DEVELOPMENT CHALLENGES AMONG THEM UNDIVERSIFIED PRODUCTION STRUCTURE, LOW HUMAN CAPITAL, WEAK GOVERNANCE, STATE FRAGILITY, WOMEN’S EMPOWERMENT, AND CLIMATE CHANGE.

IN THE NEW STRATEGY, THE WORLD BANK STATES THAT THAT TO ADDRESS THESE AFRICAN COUNTRIES MUST PUT IN PLACE THE PILLARS OF COMPETIVENESS AND EMPLOYMENT, VULNERABILITY AND RESILIENCE, A FOUNDATION GOVERNANCE AND PUBLIC SECTOR CAPACITY.

AND THE STRATEGY HAS RECOGNIZED THREE MAIN RISKS WHICH INCLUDE: THE POSSIBILITY THAT THE GLOBAL ECONOMY WILL EXPERIENCE GREATER VOLATILITY, THE POSSIBILITY OF CONFLICT AND POLITICAL VIOLENCE AND THE POSSIBILITY THAT RESOURCES AVAILABLE TO IMPLEMENT THE STRATEGY MAY BE INADEQUATE.

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