Overview of recent economic and social development in Africa: theme: industrialization for inclusive and transformative development in Africa

Abstract

Despite the improved export and still fairly strong growth performance, Africa’s financing gap remains large, against a backdrop where the global economic slowdown and more stringent budgetary consolidation in many donor countries are expected to affect official development assistance to the continent. Africa’s economic transformation thus has to rely increasingly on domestic sources of finance and African countries need to develop innovative approaches to development financing from both internal and external sources.