World Bank Report: Africa is Doing Better!

African Development Indicators, 2007
The World Bank, 2007.

Over the past decade, Africa has recorded an average growth rate of 5.4 percent. It appears to have learned to trade more effectively with the rest of the world, to rely more on the private sector, and to avoid the very serious collapses in economic growth that characterized the 1970s, 1980s and even the early 1990s. Increasing oil prices have helped Africa’s seven biggest oil economies, which are home to 27.7 percent of the continent’s population. Rising prices of precious metals and other commodities have also benefited many other resource-rich African countries. Another group of 18 resource-poor countries – with 35.6 percent of Africa’s population – have sustained growth of more than 4 percent over the last decade. The slowest-growing African economies – home to 36.7 percent of the region’s population – include Zimbabwe, the only nation on the continent with continued negate growth rates. The report includes data from some 1000 indicators.

Check out the factoids:

• More than 35% of Africans live in sustained-growth economies that have grown at more than 4% a year for ten years.

• In 1975-2005 the GDP per capita growth (PPP) was 0.70%; in 1995-2005 it was 1.88%.

• During accelerated growth periods the region grew 3.6% a year (per capita PPP), but shrank –2.7% during periods of growth collapses.