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Progress in Africa swallowed by global recession

Progress in Africa swallowed by global recession article image

A decade of progress in Africa has been lost in the current global recession, says Antoinette Batumubwira, communications chief for the African Development Bank (ADB). "Gains made by the continent over the last ten years are, today, being undermined by factors beyond Africa’s control," she said. "The crisis is reducing trade, the mainstay of Africa’s recent strong growth." Her remarks reflect findings from a joint report issued by the ADB and the Organization for Economic Cooperation and Development (OECD), which forecast the first reduction in per capita income since 1994. The commodities market has taken a hit, eroding the benefits of economic reforms, noted the report. This would have social consequences, read the joint statement: "With a bias on the downside, many people will fall back into poverty." The theme of the ADB conference is 'Africa and the Financial Crisis: An Agenda for action', which began yesterday in in Dakar, Senegal. It will conclude on Thursday.

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