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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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Burkina Faso

OECD Development Centre

Burkina Faso’s economic performance is heavily dependent on what happens beyond its borders because the country lives mostly off agricultural exports, mainly cotton and cereals, and receives substantial foreign aid. The economy slowed down sharply in 2000 due to the international situation and poor rainfall, but activity picked up in the last quarter of 2001 thanks to very good cotton and cereal harvests. This produced 5.7 per cent overall growth for 2001 after a drop to only 2 per cent in 2000. Growth is expected to top 6 per cent in 2002 because of increased consumption triggered by the much higher farm incomes at the end of 2001…

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