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African Economic Outlook 2008

image of African Economic Outlook 2008

This fact-filled reference book brings the reader the latest available economic information for most of the economies of Africa.  Drawing on the expertise of both the African Development Bank and the OECD, it opens with an overview that examines the international environment, macroeconomic performance, progress towards attaining the Millennium Development Goals, and governance and political issues. This edition includes a special focus on technical and vocational skills development. The second part provides individual country reports for 35 countries.  Each country report provides an assessment of recent economic performance, projections for 2008 and 2009, an examination of structural issues, and a discussion of the political and social context.  The statistical annex presents 24 tables comparing economic and social variables across all the countries of Africa.

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Senegal

OECD Development Centre

SENEGAL’S GDP GREW AT A RATE of 2.1 per cent in 2006 and 2.8 per cent in 2007, well below previous forecasts. This was due to a number of factors. First, the crisis experienced by Industries chimiques du Sénégal (ICS), the country’s largest phosphates producer, was still unresolved. Second, higher levels of prices for oil products have continued or even worsened, affecting state subsidies, price levels and the budget deficit. In addition there was poor rainfall and a weak system for marketing groundnuts. As a result of the combination of these factors,most of the country’s traditional export sectors (fish products, phosphates, groundnuts) experienced stagnation or are in serious economic difficulties, with Senegal losing substantialmarket share compared with all its competitors.

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