For four consecutive years, Africa has experienced record economic growth. Overall in 2007 the continent registered 5.7 per cent GDP growth and a per capita increase of 3.7 per cent. Indications are that growth will only accelerate in 2008 and remain buoyant in 2009.
This is from the OECD's African Economic Outlook 2008, released yesterday. High oil and food prices feature prominently:
[A] reality masked by the growth figures is that net oil exporters continue to outpace oil importers by far. In 2008, the average real GDP growth rate for the former collection of countries is expected to be 6.8 per cent, but it will only be 4.9 per cent for the latter.