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ECA Press Release No. 06/2003
AFRICA: SLUGGISH GROWTH BUT SOME POSITIVE DEVELOPMENTS
Addis Ababa, 29 May 2003 (ECA) -- Although the resurgence of conflict, terrorism and drought has diverted attention away from Africa's longer term needs, a number of positive developments have taken place in recent months.
Speaking this morning at the opening of a two-day meeting of Finance, Planning and Economic Development Experts, Economic Commission for Africa Executive Secretary K.Y. Amoako reported that Africa's economy grew at a modest 3.1% in 2002 -- a rate that was barely above the average rate of growth of Africa's population, and which was low when compared to 4.3% in 2001.
The slowdown was largely due to "the sluggish recovery of the global economy, decline in oil prices, drought conditions in certain parts of North, East and Southern Africa, and civil conflicts". As a result, little progress was made in 2002 in reducing poverty in Africa.
Despite this sluggish growth, Mr. Amoako cited a number of positive developments since the last Conference of Ministers in Johannesburg in October 2002. These included progress in implementing the New Partnership for Africa's Development (NEPAD), in particularly on the African Peer Review Mechanism (APRM), to which 12 countries have so far signed up; and commitments by Africa's development partners to increase aid levels.
In his opening remarks, Lesetja Kganyago, Chair of the Bureau of Experts and Deputy Director-General in the National Treasury of South Africa, applauded the swift progress towards operationalizing the APRM, and welcomed the fact that more countries were preparing to sign up to be peer reviewed.
"This is particularly important," said Mr. Kganyago, "because the APRM was not imposed from outside but is a mechanism we devised as Africans, as a mirror to reflect on ourselves and monitor our progress in meeting the development goals of the continent".
Today's Committee of Experts meeting precedes a 1 June Conference of African Ministers of Finance, Planning and Economic Development organized by ECA on the theme "Towards greater policy coherence and mutual accountability for development effectiveness'. The Conference will discuss how the international development system can more effectively aid Africa's battle against poverty. In addition to the Ministers, more than 500 participants -- including central bank governors, leading academics and researchers, and international partners -- are expected to attend.
In addition to reviewing and advising ECA's programme of work, the Experts will prepare the Ministers for their discussion by addressing three topics:
- Mutual Accountability, Policy Coherence and Development Effectiveness; - Making the International Monetary Fund Work Better for Africa; and - The Macroeconomic Implications of HIV/AIDS.
The 1 June Conference is being held back-to-back with the Annual Meetings of the African Development Bank (ADB), at the United Nations Conference Centre in Addis Ababa. The two institutions will jointly sponsor the Annual Meetings Symposium, to be held on 2 June and previously a hallmark of the ADB Annual Meetings. The ADB Annual Meetings will take place from 3 - 5 June.
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For the Issues Paper, Programme of Work, List of Participants, detailed presentation on Economic and Social Conditions in Africa, and other documents related to this year's Conference, please visit www.uneca.org/conferenceofministers
Documents from previous conferences, including Ministerial Statements, are also available at the same site.
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+++ COMING SOON: THE ECONOMIC REPORT ON AFRICA 2003 +++
Issued by the ECA Communication Team P.O. Box 3001
Addis Ababa Ethiopia
Tel: +251-1-51 58 26 Fax: +251-1-51 03 65 E-mail: [email protected] Web: www.uneca.org
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