adminstandards of its citizenry.
The conclusion was made in the 2013 Africa Competitiveness Report launched here on Thursday.
The report, which was jointly produced by the African Development Bank, the World Bank and the World Economic Forum, highlighted that regional integration was critical in increasing Africa’s competitiveness.
The continent had emerged almost unscathed by the global economic challenges but efforts had to be consolidated to sustain this.
Africa’s growth needs to be seen in the wider international context where encouraging gains in economic growth belie an underlying weakness in its long term competitiveness.
Regional integration is key to addressing this weakness through the delivery of wider social and economic benefits.
Africa’s leaders should prioritise this as they seek to ensure that Africa delivers on its promise, noted World Economic Forum chief economist Jennifer Blanke.
Africa needs to diversify its economic base and create adequate jobs for its young and fast urbanising population.
Furthermore, the report notes that gaps such as poor exports, infrastrucure deficit and low levels of investment needed attention.
Sustainable high economic growth often occurs in an environment where there is a meaningful infrastructure development.
It is therefore imperative that planning for both national and regional infrastructure projects is coupled with the requisite legal and regulatory framework that will allow for increased involvement of the private sector in infrastructural development on a public-private partnerships model, said ADB vice president and chief economist Dr Mthuli Ncube.
World Bank director African region Gaiv Tata said Africa had been enjoying an economic transformation, with growth rates of more than five percent annually over the past decade.
To turn its economic gains into sustainable growth and shared prosperity, Africa’s public and private sectors must work together to connect the continent’s markets, deepen regional integration, and adopt reforms that enhance national competitiveness, he said.
The WEF enters its third day today under the theme “Delivering on Africa’s Promise”.
More that 850 delegates including 16 heads of State and Government are attending the meeting.
WEF is an independent international organisation that seeks to improve the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas.
It is headquartered in Geneva, Switzerland.
Online Reporter