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African Economic Outlook 2011

Africa and its Emerging Partners

image of African Economic Outlook 2011

This tenth edition of the African Economic Outlook finds the continent on the rebound and expects it growth performance in the next years to resume at pre-crisis levels. The focus of the 2010 AEO is Africa's Emerging Economic Partnerships, presenting a comprehensive review of Africa's expanding economic relations with outside the continent that until very recently did not belong to the club of traditional “donors”, the OECD Development Assistance Committee. Africa benefits not only from the visible direct interactions with large emerging countries – investment, trade, aid – but also from the macroeconomic, political and strategic advantages that their rise has produced. As always, country chapters provide detailed information on a country-by-country basis and the statistical annex provides a wide variety of indicators for the countries covered.  This year, the AEA covers all African countries except Eritriea and Somalia.

Full-length country notes and report are available on www.africaneconomicoutlook.org

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Lesotho

OECD Development Centre

There are signs of Lesotho's economic recovery from the effects of the global financial crisis, but the damage caused to this small and open economy may last for a while. Lesotho's high export concentration left it vulnerable to the global economic downturn. This was exacerbated by Lesotho's dependency on South Africa, a country that was also affected by the collapse in commodity prices. Lesotho's economic growth declined by about 4.4% in 2008 to 1.9% in 2009. As the global economy began to recover, however, Lesotho's gross domestic product (GDP) in 2010 grew by an estimated 3.8%. This recovery in economic growth can be attributed to both firming commodity prices and high government capital expenditures. The mining and construction sub-sectors, in particular, experienced some buoyancy. In addition, rising commodity prices led to the improved viability of mining activities, resulting in the reopening of some of the mines that had shut down at the peak of the crisis. Furthermore, the government's focus on infrastructure development is driving activity in the construction sector.

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