Africa's Future and the World Bank's Support to It
- Author:
- Africa Region - World Bank
- Publisher:
- World Bank
- Publication Date:
- 2 March 2011
- Tags:
- Africa, International Organizations and Africa
Sub-Saharan Africa in 2011 has an unprecedented opportunity for transformation and sustained growth. Until the outset of the global economic crisis, economic growth was averaging 5 percent a year for a decade. Even though growth declined as a consequence of the global financial crisis, it has rebounded in 2010 thanks to prudent macroeconomic policies and financial support from multilateral agencies. Progress on the MDGs has been sufficiently rapid that several countries (such as Malawi, Ghana and Ethiopia) are likely to reach most of the goals, if not by 2015 then soon thereafter. Africa‘s private sector is increasingly attracting investment, and the climate for market-oriented, pro-poor reforms is proving robust.
Despite these gains, African countries still continue to face persistent, long-term development challenges. Among them: undiversified production structure, low human capital, weak governance, state fragility, women‘s empowerment, youth employment, and climate change. The current dynamism and optimism on the continent, changes in the global economy and the emergence of new development partners (China, India and Brazil) make it the right time for a renewal of the World Bank strategy for Africa.
