ECONOMIC DIVERSIFICATION IN AFRICA

To be released in the 2nd quarter of 2011. A joint study by the United Nations Office of the Special Adviser on Africa and the NEPAD-OECD Africa Investment Initiative.
Preliminary versions of the foreword, executive summary and introduction follow.
© OECD, United Nations OSAA 2011
FOREWORD
The global financial and economic crisis has revealed Africa’s vulnerability to external economic shocks. Largely dependent on the export of commodities, many of the continent’s economies suffered setbacks in economic growth and in their efforts to meet the Millennium Development Goals by 2015.
Economic diversification holds great potential to increase Africa’s resilience and would contribute to achieving and sustaining long term economic growth and development in the continent. Broadly-based economies, active in a wide range of sectors, and firmly integrated into their regions, are better able to generate robust growth and sustainable growth.
However, the expansion of activities in underdeveloped sectors, or indeed the development of new activities, is a significant challenge and requires a combined effort by African governments, the private sector and the international community. In addition, and in light of the small size of many African economies, a regional approach to economic diversification is imperative to reap the benefits of larger domestic markets and economies of scale.Read More