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Recent trends in the world economy: a case study of Africa

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  • Rena, Ravinder

Abstract

In 2006, world economic growth improved slightly to 3.8 per cent from 3.5 per cent in 2005. Globally, growth rates were highest in South-east Europe, Commonwealth of Independent States, and countries in East and South Asia. Similarly, African economies continued to sustain the growth momentum of previous years, recording GDP growth rate of 5.7 per cent in 2006 compared to 5.3 per cent in 2005 and 5.2 per cent in 2004. This article provides the recent economic growth performance of the world in general and African continent in particular. It discusses developments in both the developed and developing countries especially the progress and challenges in human development, and also gives a brief exposition of the prospects for 2007. The paper further examines recent economic performance at the continental and sub-regional levels. It discusses disparities in growth performance and the factors behind the observed disparities across countries and sub-regions. The discussion highlights key constraints to growth in Africa and strategies to address these constraints. The paper provides some concluding remarks.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 11153.

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Date of creation: Aug 2007
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Publication status: Published in Journal of Global Economy 2.4(2008): pp. 85-101
Handle: RePEc:pra:mprapa:11153

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Related research

Keywords: World economy; African economy; economic recovery; Millennium Development Goals; Industrialised countries; Oil prices;

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  1. RavinderRena, 2008. "Sectoral Performance in the African Economy – Some Issues and Trends," Indus Journal of Management & Social Science (IJMSS), Department of Business Administration, vol. 2(1), pages 1-14, June.
  2. Niimi, Yoko & Ozden, Caglar, 2006. "Migration and remittances : causes and linkages," Policy Research Working Paper Series 4087, The World Bank.
  3. World Bank, 2007. "World Development Indicators 2007," World Bank Publications, The World Bank, number 8150, August.
  4. Rena, Ravinder, 2007. "Sectoral Performance In The African Economy – Some Issues And Trends," MPRA Paper 11089, University Library of Munich, Germany, revised 2007.
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