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African Economic Outlook 2015

Regional Development and Spatial Inclusion

image of African Economic Outlook 2015

The African Economic Outlook 2015 analyses Africa’s growing role in the world economy and predicts the continent’s two-year prospects in crucial areas: macroeconomics, financing, trade policies and regional integration, human development, and governance. This 14th edition analyses regional development and spatial inclusion challenges faced by the continent. A section of one-page notes summarises recent economic growth, forecasts gross domestic product for 2015 and 2016, and highlights the main policy issues facing each of the 54 African countries. A statistical annex compares country-specific economic, social and political variables.

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Editorial

OECD Development Centre

Africa’s gross domestic product grew on average by 3.9% in 2014, compared to 3.3% globally, but with wide regional variations. Sub-Saharan Africa grew by 5.2% but by a percentage point higher when South Africa is excluded, indicating relatively robust growth despite global and regional headwinds, including depressed commodity prices and the Ebola epidemic. However, growth in North Africa remained sluggish at 1.7%, impacted by shrinkage of the Libyan economy by 20% as the conflict disrupted oil production. The sharp decline in commodity prices of the past few years will have mixed effects in the medium term, with oil-exporting countries registering weaker fiscal positions, while the lower cost of energy will boost consumer demand and competitiveness among net oil importers. Africa’s growth is forecast at 4.5% in 2015 and 5.0% in 2016, mainly owing to stronger growth among middle-income economies. Growth in sub-Saharan Africa is expected to average about 5% between 2015 and 2016.

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