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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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Swaziland

OECD Development Centre

After averaging 2.9% during 2004-08, economic growth in Swaziland significantly dropped in 2009, mainly due to the impact of the global economic downturn on export-oriented sectors, in particular textiles and wood pulp. Other contributory factors were prolonged drought and low levels of foreign direct investment (FDI). In 2010, the economy moderately recovered with a rebound in global demand mainly for sugar and textiles. However, falling receipts from the Southern African Customs Union (SACU) coupled with lower internal revenues constrained the government's ability to implement counter-cyclical measures. In order to support economic activity in 2010, low interest rates were maintained in line with those of South Africa. However, the main focus of the Central Bank of Swaziland continued to be price stability. Inflation was 4.5% in 2010, down from 7.5% in 2009. This was mainly driven by lower prices for food and transport. Inflation is forecast at 7.7% in 2011, reflecting the lagged impact of increases in tariffs for water and electricity in 2010. The anticipated fuel and food crises are also expected to impact domestic price levels.

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