afrol News, 4 April - On average, African economies are expected to record 6.2% growth in 2008, the annual Economic Report on Africa [ERA 2008] confirms amid concerns in laxity of the fight against extreme poverty and international support for development.

The annual report of the UN Commission for Africa and the African Union attributed the growth to the robust demand and high commodity prices.

The growth forecast growth is also linked to consolidation of macroeconomic stability and improved management, greater commitment to economic reforms, increased private capital flows, debt relief and increasing non-fuel exports. Growth performance varies sharply across countries and regions, the report said.

A decline in political conflicts and wars on the continent, particularly in west and central Africa and growth, was taken into recognition by the report.

Africa's growth in 2008 will be seriously challenged by the sharp slowdown of the US economy, a fall in global commodity demand and prices and hike oil prices.

Growth is also expected to be risked by political instability in some countries, inefficient public infrastructure, erratic energy supply and poor integration of transportation, among others.

The report report shows that debt relief is one component of the 2002 Monterrey Consensus that has record much progress, although little progress has been made in other core areas such as mobilisation of domestic

and international resources for development and promotion of trade to stimulate development.

By staff writer

© afrol News

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