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African Economic Outlook 2012

Promoting Youth Employment

image of African Economic Outlook 2012

This 11th edition of the African Economic Outlook reviews recent economic, social and political developments and the short-term likely evolutions of 53 African countries. This year’s edition will for the first time cover Eritrea and South Sudan. The focus of the 2012 AEO is the promotion of youth employment in Africa, presenting a comprehensive review of both challenges and opportunities Africa faces in providing its young population with sufficient and decent jobs.

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

 

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Seychelles

OECD Development Centre

In 2011, the Seychelles economy, as measured by real growth in gross domestic product (GDP), is estimated to have grown at 5.0%, which, although slower than the GDP growth rate of 6.7% in 2010, is higher than was expected at the beginning of 2011. This stronger than expected performance was due to an 11% rise in tourism numbers and the positive impact of economic reforms. Growth was lower than 2010 due to a decline in foreign direct investment (FDI), as well as the impact of higher food and fuel prices. Tourism will continue to be the main driver of economic growth in 2012/13. As a result, GDP growth is projected to decline further in 2012 to 4%, as the financial crisis in Europe, which accounts for about 70% of tourists, continues. Higher inflation and interest rates, combined with continued fiscal consolidation, will also dampen domestic demand. From 2013, GDP growth is expected to increase to about 5%, due to a more favourable global economic environment, ongoing structural reforms, and higher investment and consumption spending.

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