African economies face two challenges in the future: weathering possible downturns in demand and prices of commodities; and creating a large number of jobs for the continent’s booming working-age population. High global demand for the continent’s natural resources, macroeconomic reform, foreign aid inflows, and concessional debt relief have helped African economies grow and ride out the financial crisis, but growth remains vulnerable. To continue to develop, African economies need to turn to high-productivity, job-intensive activities such as agro-processing, manufacturing, and services. Exports need to increase, and the private sector needs to be stimulated by, among other things, curbing anti-competitive behavior, improving infrastructure and financial services, and reducing the burden of regulatory requirements. Investing in education, technology, innovation, and entrepreneurship is key to realizing gains in productivity and competitiveness.
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