Although 30 countries recorded higher economic growth rates in 2007 than 2006, growth performance varied substantially across countries and regions. The report also notes that economic growth recovery in Africa has not yet translated into meaningful social development and has not benefited vulnerable groups. Africa's growth performance was driven mainly by robust global demand and high commodity prices. Other growth factors in Africa include continued consolidation of macroeconomic stability and improving macroeconomic management, greater commitment to economic reforms, increased private capital flows, debt relief and increasing non-fuel exports.

The report also notes that Africa has witnessed a decline in political conflicts and wars, especially in West and Central Africa, though peace remains fragile in some parts of the continent. Key challenges to Africa's growth in 2008 include the risk of sharper slowdown in the US economy and a fall in global commodity demand and prices.

In addition to a review of regional economic trends, the report assesses progress in Africa in the implementation of the 2002 Monterrey Consensus on financing for development .According to ERA 2008, the evidence on implementation of the Monterrey Consensus commitments suggests that substantial progress has been made in the area of external debt relief. However, very limited progress has been made in the other core areas of the Consensus.

According to a statement ECA sent to ENA on Tuesday, the report stresses that the monitoring of the commitments made by African countries as well as their development partners is essential to achieve the objectives of the Monterrey Consensus.

R: 2:15-2:38pm

E:2:58pm

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