Annual report 6 May 2000-10 2001: Economic and social council official records 2001 supplement No.18

Abstract

The report noted that real GDP grew by 3.2 per cent in 1999, up from 3.1 per cent in 1998,with many sectors registering improved performance. However, the recent improvements were not underpinned by strong domestic savings. Average economic growth rate over the past decade is a meager 2.1 per cent-which is less than the 7 per cent growth in GDP required to reduce by half, the proportion of Africans living in poverty by 20 IS-the internationally agreed target. External debt overhang continues to impede efforts for sustained economic reform. Drought, diseases including HIV/AIDS, civil strife, annex conflict and poor governance make the situation worse. The report concludes that African economies remain weak and vulnerable to external shocks.