Text 6: English Original

Overview—Accelerating the Pace of Development

The economic performance of African economies fell short of expectations in 2002, with growth slowing from an average of 4.3% in 2001 to 3.2% in 2002. In 2002, of the 53 countries in Africa, only 5 achieved the 7% growth rate required to meet the Millennium Development Goals. Of the others, 43 registered growth rates below 7%, and 5 registered negative growth. The modest overall performance in 2002 reflects the weaker global economy and a slower than expected rebound in world trade. Africa’s economic performance was weakened by drought and HIV/AIDS in various parts of southern and eastern Africa, and political and armed conflicts in the Central African Republic, Côte d’Ivoire, Madagascar, and Zimbabwe. But well-managed countries, with solid reform agendas and a record of stability and good governance, performed well. Mozambique had growth of 12%—among the fastest in Africa. Other well-managed reformers—Ethiopia, Rwanda, and Uganda— grew at 6% or more.