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African Economic Outlook 2013 Addresses Structural Transformation and Natural Resources

africaneconomicoutlook27 May 2013: The 'African Economic Outlook 2013,' an annual report produced by the African Development Bank (AfDB), the Organisation for Economic Co-operation and Development (OECD) Development Centre, the Economic Commission for Africa (ECA) and the UN Development Programme (UNDP), suggests that African countries should use their natural resource wealth to accelerate the pace of growth while addressing income inequality issues.

The report projects that Africa's economy will grow by 4.8 per cent in 2013 and 5.3 per cent in 2014.

In the special focus on 'Structural Transformation and Natural Resources,' the report recommends that, to direct the benefits of natural resource use to structural transformation, African countries should, inter alia: create the right conditions for a transformation, including through attention to infrastructure, education and the creation of larger and more competitive markets; focus on the conditions required for natural resource sectors to thrive; ensure that proceeds from natural resources and extractive industries are invested strategically and that a fair share accrues to society; and increase agricultural productivity and enable economic linkages between the natural resource sector and the economy as a whole. [African Economic Outlook] [UNDP Press Release][UN Press Release]