| Publication |
2009.
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| Summary/Abstract |
For most of this decade, sub-Saharan Africa
enjoyed a period of sustained economic
growth such as it had not seen since the
1960s. Until the global economic crisis hit, countries
across the continent benefited from a salutary
combination of favorable commodity prices,
substantial international debt reductions, and,
in numerous cases, more prudent fiscal management.
Of course the improved performance, which
included continent-wide economic growth of 4.7
percent between 2003 and 2008, was aided in particular
by a nearly 300 percent increase in world
petroleum prices over the period. But even when
Africa's major oil-based economies are removed
from the equation, the continent still showed
commendable growth-reaching 4.9 percent in
2008, for example.
For Africa's workforce, however, the positive
impact of these developments can be difficult to
discern. Indeed, despite the impressive macroeconomic
performance, economic diversification
has not occurred on a meaningful level. Poverty
remains stubbornly entrenched on the continent.
Unemployment, though improved in many countries,
remains very high. And informal markets
are still widespread.
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