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African Economic Outlook 2003

image of African Economic Outlook 2003

The African Economic Outlook is a joint project between the African Development Bank and the OECD Development Centre.  The project, initially funded by the EU, combines the expertise accumulated by the OECD and the knowledge of the African Development Bank on African economies. The objective is to review annually the recent economic situation and the short-term likely evolutions of selected African countries.  The Outlook is drawn from a country-by-country analysis based on a unique analytical design.  This common framework includes a forecasting exercise for the current and the following year using a simple macroeconomic model, together with an analysis of the social and political context.  It also contains a comparative synthesis of African country prospects.  A statistical appendix completes the volume.  Decision-makers and economists in African and OECD countries, both in the public and private sectors, aid agencies and investors will all find this volume of significant interest.

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Botswana

OECD Development Centre

Botswana has gained a reputation for its remarkable economic growth and prudent macroeconomic management. Over the past 35 years, the country has been transformed from one of the least developed countries, with 90 per cent of the population subsisting in drought-prone agriculture and a per capita income of about $360, to a middle-income country with 50 per cent of the labour force employed in formal sector activities. Though a small economy with abundant diamond resources, the country’s good governance has enabled the resources to be put to growth enhancing and development uses. The country continues to put in place reforms and measures to strengthen the economy, as well as to diversify it away from its dependence on diamonds. Economic growth has been strong over the past few decades with real GDP growth recording 9.2 per cent in 2000/01…

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