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4.0 Diversification trends in Africa: Economic Report on Africa 2007

Written by: United Nations Economic Commission for Africa

Article Overview: The diversification of African economies is one way through which the recent economic growth achievements could be sustained. Africa’s economic transformation can be achieved through both horizontal and vertical diversification. In addition, such diversification will help to build competitive economies that can productively be integrated into the global economy. Diversification is therefore a pre-condition if Africa is to register accelerated development. The scaling-up of current real growth to desired levels and in a broad manner can also be sustained if there is deepening in the diversification of African economies.

4.0 Diversification trends in Africa: Economic Report on Africa 2007

The diversification of African economies is one way through which the recent economic
growth achievements could be sustained. Africa’s economic transformation
can be achieved through both horizontal and vertical diversification. In addition,
such diversification will help to build competitive economies that can productively
be integrated into the global economy. Diversification is therefore a pre-condition if
Africa is to register accelerated development. The scaling-up of current real growth
to desired levels and in a broad manner can also be sustained if there is deepening in
the diversification of African economies.

The relevance of diversification to economic growth and development is not new.
But diversification might have been abandoned at a time when it could have played
a major role in strengthening gains from earlier reforms efforts on the continent. The
Economic Report on Africa 2007 presents the theme of diversification as a new paradigm
for Africa’s development. The report argues that diversification is a prerequisite
to achieving positive development in the continent. This chapter and the following
two will provide analytical and empirical evidence of the importance of diversification
as a key pillar in the continent’s development.

This chapter explores Africa’s diversification trends to see how Africa has fared in its
attempts to diversify its economy and to enable structural transformation to take
place. Practical export experiences of some countries are also presented. This then
leads to what this Report calls the diversification regimes that characterize the results
of the diversification efforts.

Related Articles
  4.4 References: Economic Report on Africa 2007
  5.0 Diversification and Growth: Economic Report on Africa 2007
  5.2 Growth, productivity and diversification: Economic Report on Africa 2007
  4.3 Conclusion: Economic Report on Africa 2007
  V. D. The Future of China-Africa Economic Relations: FACTORS INFLUENCING THE GROWING TIES

Article Tags: accelerated development, africa, african economies, attempts, continent, diversification efforts, economic growth and development, economic report, economic transformation, empirical evidence, experiences, global economy, growth and development, importance of diversification, new paradigm, pillar, prerequisite, regimes, relevance



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