By XINHUA
In Summary
- The report stressed the importance of achieving regional integration which it said is a key vehicle for helping Africa to raise competitiveness, diversify its economic base and create enough jobs for its young, fast-urbanising population.
The World Economic Forum (WEF) on Thursday urged
African countries to boost long-term competitiveness so as to ensure
sustainable improvement in living standards.
African economies have made strides in achieving
economic growth in recent years but these must be accompanied by efforts
to boost long-term competitiveness, the WEF said in its Africa Competitiveness Report 2013 jointly published with the African Development Bank and the World Bank.
The report stressed the importance of achieving
regional integration which it said is a key vehicle for helping Africa
to raise competitiveness, diversify its economic base and create enough
jobs for its young,
fast-urbanising population.
fast-urbanising population.
It said Africa's exports remain too heavily focused on commodities and that its share of world trade remains low, despite numerous regional economic communities and domestic market liberalisation.
"Africa's growth needs to be seen in the wider
international context, where encouraging gains in economic growth belie
an underlying weakness in its long-term competitiveness," said Jennifer
Blanke, Chief Economist of WEF.
"Regional integration is key to addressing this
weakness through the delivery of wider social and economic benefits and
should be prioritised by Africa's leaders as they look to ensure that
Africa delivers on its promise," she said.
Gaiv Tata, Director, Africa Region, World Bank
Group, echoed this view, saying "to turn its economic gains into
sustainable growth and shared prosperity, Africa's public and private
sectors must work together to connect the continent's markets, deepen
regional integration, and adopt reforms that enhance national
competitiveness."
The report was released during the WEF meeting
which began on Wednesday and will end Friday with more than 865
participants from more than 70 countries.
Under the theme "Delivering on Africa's Promise",
the meeting's agenda will integrate three pillars: Accelerating
Economic Diversification; Boosting Strategic Infrastructure; and
Unlocking Africa's Talent.
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