Summary
Africa 2003
See the full content of this document
Extract
Economic review of the year.
2003 has been another dramatic year for Africa's economies. Democracies have deepened and growth, despite the global downturn, has remained marginally positive on average. All indicators point to sustained growth over 2004. In this issue, our associate editors sketch out the economic highlights of each sub region.
********** [ILLUSTRATION OMITTED] Northern Africa ALGERIA The year was marked by tragic seismic activity and fissures in the government, resulting in Prime Minister Ali Benflis leaving his post to launch a challenge to President Bouteflika in this year's presidential elections. The economy, however, proved resilient if incapable of solving Algeria's major long-term problems of regional development and unemployment of 27%. A good year for agriculture and a buoyant hydrocarbons market created growth anticipated by the government to be around 6.5% for the whole year. The Finance Minister has announced that the priority for 2004 must be the reduction of public debt, which currently stands at $30bn. CHAD Having been for so long under the influence of oil-rich northern neighbour Libya, Chad finally appears ready to capitalise on its own oil wealth. With the opening of a 1,070km pipeline from the landlocked country through Cameroon, Chad can transport 250,000 barrels a day to be loaded onto tankers. The $3.7bn oil facilities, developed by an ExxonMobil-led gro...See the full content of this document
Sponsored links
