Africa is the second fastest growing continent - Economic Report on Africa 2012

Abstract

The 2012 Economic Report on Africa, a joint annual publication of the United Nations Economic Commission for Africa (ECA) and the African Union (AU) was launched today in Lusaka, Zambia. Presenting an overview of the report, Chief, Finance, Industry and Investment for ECA Patrick Osakwe said that Africa was the second fastest growing continent in the world registering high levels of economic growth. The report observes that unless structural transformations are accelerated, poverty will stubbornly remain high as inequalities in income and access to asset and social services widen among the population. “Sustaining the current growth momentum in Africa and unleashing the continent's productive capacity requires innovative and bold actions on many fronts,” said Osakwe. The report recommends that unleashing Africa’s potential as a global growth pole requires investment in human capital and technology; investment in physical infrastructure, unleashing Africa’s agricultural potential and regional economic integration, among others.