admincitizens. This is contained in the 2013 Africa Competitiveness Report launched here yesterday. The report, which was jointly produced by the African Development Bank, the World Bank and the World Economic Forum, highlighted the centrality of regional integration to 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 noted that gaps such as poor exports, infrastructure 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 AfDB vice president and chief economist Dr Mthuli Ncube.
World Bank director African region Gaiv Tata said Africa had been enjoying an economic transformation 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.
Online Reporter