Source: World Economic Forum
African economies have made important strides in improving their economic environments in recent years, but much remains to be achieved to ensure that recent strong growth continues. In particular, African governments must better harness the region’s resources through stronger integration into international trade and finance, improved educational systems, enhanced entrepreneurial opportunities for women and developing their tourism sectors. The conclusions, released today at the launch of a major new report, The Africa Competitiveness Report 2011, reflect research efforts of three institutions – the World Economic Forum, the African Development Bank and the World Bank. The jointly produced report is released at the start of the World Economic Forum on Africa, taking place from 4-6 May in Cape Town, South Africa.

“This year’s Africa Competitiveness Report is the third comprehensive effort by our three organizations to place the continent in a broader international context and to shed light on the important aspects of development in the region, which are so critical to ensure sustained and shared growth for Africa’s citizens” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.

The report highlights the following areas on which Africa should focus to ensure strong, sustained and shared growth:

1. 1) Diversifying products and markets
2. 2) Upgrading managerial skills and higher education
3. 3) Expanding women’s entrepreneurship
4. 4) Reaping the full benefits of tourism

“Africa must focus on the policies and strategies that are key for the sustained economic recovery and inclusive growth of the continent, such as higher education for skilled manpower and entrepreneurship development, and financial instruments that will support vibrant private sector development and regional integration and trade,” said Mthuli Ncube, Chief Economist and Vice President, African Development Bank.

In addition to assessments of competitiveness, trade performance and the ability to attract productivity-enhancing FDI in the region, the report also includes an analysis of what is needed to upgrade higher education in Africa, how to best expand women’s economic opportunities on the continent and the extent to which African countries have put into place environments that make it attractive to develop the travel and tourism sector.

Also included in the report are detailed competitiveness profiles, providing a comprehensive summary of the drivers of competitiveness in each of the countries covered by the report.

The Africa Competitiveness Report 2011 is an invaluable tool for policy-makers, business strategists and other key stakeholders, as well as essential reading for all those with an interest in the region.

Further information on this report is available at www.weforum.org/acr, www.worldbank.org/africa/acr or www.afdb.org.