The 2017 edition of The Africa Competitiveness Report comes out at a challenging time for the continent. In recent years, growth in several African countries has been subdued after more than a decade of solid expansion. The slowdown is largely due to the protracted low commodity prices as well as the reduced growth in emerging markets such as China, and in advanced economies. However, this situation has also given impetus to reforms and economic diversification. The strong economic performance of a number of African countries demonstrates Africa’s resilience and brings optimism about Africa’s future growth prospects.
Looking ahead, the continent’s young and increasing population presents an unprecedented opportunity to spur rapid development. A growing labor force and a large and emerging consumer market hold the promise of significant growth opportunities. Yet challenges to reaping these potential gains and achieving greater shared prosperity remain. Most economies in the region still need to promote more productive activities that generate quality employment opportunities for their growing populations and contribute to improving the livelihoods of African people. Africa can make this happen, and decisions and actions taken today will determine whether governments and the private sector in the region can meet the growing economic and social aspirations of its population.
Published on a biennial basis, The Africa Competitiveness Report highlights areas requiring policy action and investment to ensure that Africa lays a solid foundation for sustained and inclusive growth. The Report, which is the result of a longstanding collaboration, leverages the knowledge and expertise of the African Development Bank, the World Bank Group, and the World Economic Forum to present a joint policy vision that can help Africa transform its economies.
Read the report here.