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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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Zambia

OECD Development Centre

In 1991 Zambia started a radical reform path that transformed it from a centrally planned to a market economy. This dramatic change, which entailed privatising the initial close-to-80 per cent share of public economic activity and liberalising prices for most commodities, revived the economy and resulted in a good growth performance for the first half of the 1990s. Nevertheless, the government has not been very successful in diversifying the country’s export base away from its heavy dependency on copper, or managing its expenditures more efficiently, whose funding still strongly rely on foreign assistance, or, and most importantly, reducing poverty. These shortcomings originate mainly from delays in the implementation of structural reforms. Economic performance improved significantly in 2001 — GDP grew by 5.2 per cent — thanks to the recent investments in the privatised copper sector…

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