The African Development Bank, the OECD Development Centre, the United Nations Development Programme (UNDP) and the United Nations Economic Commission for Africa (UNECA) have just launched the report “African Economic Outlook 2011.” According to the study, African countries should develop closer cross-border ties in dealing with traditional and emerging partners so they can boost sustainable and inclusive growth.
Recent political events in North Africa and high food and fuel prices are likely to slow the continent’s growth down to 3.7 percent in 2011. During this year, sub-Saharan Africa will grow faster than North Africa. The new report forecasts a rebound to 5.8 percent in 2012.
The study states that the new routes opened between Africa and other emerging countries are promising. In 2009, China surpassed the US and became Africa’s main trading partner. Africa’s top-five emerging trade partners are now China (38 percent), India (14 percent), Korea (7.2 percent), Brazil (7.1 percent), and Turkey (6.5 percent).
The full report is available here.