Comparing performance in 2006 with that of the previous eight years shows stagnation at the bottom of the scale (figure 2.5). Only three countries (Angola, Mozambique and Sudan) in the top ten performers in 2006 were among the top ten performers on the basis of average annual growth rates during 1998-2005 (UNECA 2006b). Half of the top ten performers are oil producers (Angola, Libya, Mauritania, Republic of Congo and Sudan). Of the remaining five top performers, two are mineral-rich countries (DRC and Mozambique) and one (Liberia) is a post-conflict country. High oil and mineral prices were the main growth drivers for the best performing oil-and mineral-rich countries. Ethiopia continues to feature on the list of top performers in Africa because of generally good rainfall and high export prices for tea and coffee, the country’s main export commodities. Strong economic performance in Malawi (from 1.9 in 2005 to 6.9 per cent in 2006) was the result of recovery in agriculture from the drought of 2005.
Five countries (Comoros, Côte d’Ivoire, Seychelles, Swaziland and Zimbabwe) have the lowest growth rates over 1998-2006. Swaziland’s growth performance has been low and continuously weakening over the last five years due to increasing competition and falling prices in the textile export market and the reduced sugar price in the EU market.
Heavily dependent on agriculture, Comoros continued to experience low growth due to low revenue from vanilla exports and a decline in the tourism sector, while political conflict and insecurity continue to deter investment and plague economic performance in Côte d’Ivoire. Economic performance in Zimbabwe remained negative in the last eight years owing mainly to political difficulties exacerbated by recurrent droughts.
Foreign exchange constraints and the recent rises in oil prices adversely affected investment and capacity utilization in Seychelles, leading to nearly complete economic stagnation in the last eight years.
To learn more about this author, visit United Nations Economic Commission for Africa's Website.
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