The Africa Competitiveness Report 2011 comes out as the world emerges from the most significant financial and economic crisis in generations. While many advanced economies are still struggling to get their economies back on a solid footing, Africa has, for the most part, weathered the storm remarkably well.
This year’s Africa Competitiveness Report is the third in a series within a partnership among three institutions deeply committed to Africa’s development. Following the first joint report in 2007, the World Economic Forum, the World Bank, and the African Development Bank have come together once again to underscore the importance of discussing the challenges of competitiveness in Africa. Each institution approaches the topic in its own way, and together—when combined in this volume— they provide the reader with a rich set of complementary views about how to expand opportunities and increase productivity and growth in Africa.
This joint publication looks at different factors that affect competitiveness in Africa. By competitiveness it is meant all of the factors, institutions, and policies that determine a country’s level of productivity. The productivity of an economy, in turn, sets the sustainable level and path of prosperity that a country can achieve. In other words, more competitive economies tend to be able to produce higher levels of income for their citizens. A country’s productivity level also determines the rates of return obtained by investment. Because the rates of return are the fundamental drivers of growth rates, a more competitive economy is one that is likely to grow faster over the medium to long term.
Also included are detailed competitiveness profiles for several African countries, providing a comprehensive summary of their competitive strengths and weaknesses. The Africa Competitiveness Report 2011 is an invaluable tool for policymakers, business strategists, and other key stakeholders, as well as essential reading for all those with an interest in the region.