Launch of the 2009 Africa Competitiveness Report
Cap Town, South Africa, June 10, 2009 – The African Development Bank (AfDB) Group released today its 2009 Competitiveness Report which stresses the need for African countries to keep building and consolidating the foundations for long term growth.
This year’s Report comes out amid the global financial crisis. In this context, Africa’s financial markets figures are among the main topics analyzed in the Report. According to this analysis, some African countries—namely South Africa, Algeria, Nigeria, and Egypt—, are well poised to bounce back from the crisis.
These large African economies have competitive banking systems and functional regulatory systems following financial-sector reforms adopted since the early 1990s. However, each country will determine the most appropriate approach given to its particular circumstances.
More generally, the present economic downturn underscores the importance of developing an economic environment that is based on good governance and sound public management.
This year’s African Competitiveness Report is the second in a series within a partnership between three institutions, the AfDB, the World Bank and the World Economic Forum.