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Africa Economy - 2002-07-16


The latest Economic Report on Africa has been released today. It is the annual publication of the U.N. Economic Commission for Africa, or ECA. The report provides a unique perspective on the continent's socio-economic development progress. ERA 2002, as it's called, shows that Africa grew faster than any other developing region in 2001. The report says African countries had averaged 4.3 percent economic growth in 2001. The commission found that growth rates ranged from Equatorial Guinea's explosive 65 percent expansion to Zimbabwe's shrinkage of more than seven-percent. However, the report emphasizes that growth across Africa remains fragile and is insufficient to support the goal of fighting the poverty that afflicts the world's poorest continent. According to Patrick Asea, the Director of the ECA's Economic, Social and Political Division, better macroeconomic management, strong agricultural production, and the cessation of conflicts in several African countries are responsible for this growth.

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