The study makes some damning claims about the state of the continent’s economies. “The long-awaited renaissance of the African economy has not taken place,” it says, describing dismal economic performance as “the worst 20th century tragedy” after decolonisation.
Botswana ranks first among 25 African countries surveyed - picking up the highest scores for the quality of its public institutions and macroeconomic climate - and just behind South Africa in the field of technology.
“The WEF’s executive opinion survey and its annual compilation of country profiles identifying strengths and weaknesses are an important contribution to the better understanding of the challenges faced by policy makers and the international community,” said Klaus Schwab, the WEF’s executive chairman.
“This survey is an attempt to place the continent in a broader international context,” Schwab said in introducing the survey.
The survey places Botswana in 36th place among 102 countries surveyed by the WEF worldwide.
Chad ranks the lowest, with problems listed as access to financing, the lack of infrastructure and corruption. Chad’s law makers last week paved the way for President Idriss Deby to stand for another term by voting resoundingly to lift the constitutional limit on the number of presidential terms.
In general, the survey criticises development on the continent, saying a long-awaited revival of the economies has not taken place.
“Indeed, it is very hard to pinpoint a single group of African economies that have experienced high, sustained, per capita income growth,” it says.
Most sub-Saharan countries are worse off economically than they were directly after decolonisation, it adds.
“Per capita gross domestic product in sub-Saharan Africa is now $200 [R1 300] lower than in 1974, a decline of 11 percent in a quarter of a century,” it says.
“During the same period, the world was growing at an annual average rate of 2 percent, while per capita income of many of the east Asian countries was converging rapidly towards advanced country levels.”
Africa’s political and business leaders started a three-day meeting in Maputo yesterday to assess the state of the ambitious New Partnership for Africa’s Development economic rescue plan.
Two years ago, at the end of the WEF’s meeting in Durban, the plan received a strong backing from business, with about 130 major companies signing up to it and other firms following suit. But the plan seems slow in getting off the ground. (Business Report)
