The Africa Competitiveness Report 2015

The Africa Competitiveness Report 2015
comes out at a promising time for the continent: for 15
years growth rates have averaged over 5 percent, and rapid
population growth holds the promise of a large emerging
consumer market as well as an unprecedented labor force that
- if leveraged - can provide significant growth
opportunities. Moreover, the expansion of innovative
business models, such as mobile technology services, is
indicative of the continents growth potential. However,
Africa continues to be largely agrarian, with an economy
that is underpinned by resource-driven growth and a large
and expanding informal sector. Indeed, more than a decade of
consistently high growth rates have not yet trickled down to
significant parts of the population: nearly one out of two
Africans continue to live in extreme poverty, and income
inequality in the region remains among the highest in the
world. What is more, across sectors - from agriculture to
manufacturing and services - productivity levels remain low.
It will be necessary to raise productivity across all
sectors of the economy to achieve higher growth and create
quality employment, and turn this progress into sustainable
inclusive growth.