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THE FIRST FREE ELECTIONS IN 40 YEARS made 2006 a very important year, which also saw the adoption of the national constitution for the Third Republic. The country is one of the world’s poorest and years of war have destroyed most infrastructure and productive activity.
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THE GHANAIAN ECONOMY is benefiting from one of the most successful reform programmes in Africa, with increased growth reflecting strong economicfundamentals underpinned by anti-inflationary monetary policy and fiscal consolidation.
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MOROCCO’S ECONOMIC PERFORMANCE improved markedly in 2006 and the outlook for 2007 is favourable. Growth reached 7.3 % in 2006, well above the forecast 5.3 % a year earlier, but is expected to slow down to 3.1 % in 2007.
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IN 2005, THE KENYAN ECONOMY sustained the momentum that had started in 2003. Real GDP grew by 5.8 per cent in 2005 compared with 4.9 per cent in 2004, and it is estimated at 5 per cent in 2006. This economic growth is expected to be maintained in the medium term.
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In 2006,national economic activity,although down from the performances recorded in 2005, remained buoyant despite the decline in oilsector activity. Real overall GDP growth is estimated at about 1.3 per cent for 2006.
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MALAWI IS AMONG THE POOREST countries in the world without a violent internal conflict.While 2005 presented a number of severe challenges, including amajor food-security crisis where close to half the population required emergency food support, GDP growth rebounded strongly in 2006.
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GROWTH, WHICH HAD REACHED 7.1 per cent in 2005, slowed to 3 per cent in 2006. The 4 per cent growth forecasts for 2007 and 2008 are hardly optimisticas they amount to just a 1 point increase in per capita GDP.
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NIGERIA CONTINUES TO MAKE PROGRESS on its far reaching economic reform programme, the National Economic Empowerment and Development Strategy (NEEDS), aimed at accelerating economic growth, reducing poverty, and achieving the Millennium Development Goals (MDGs).
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THE CAMEROON ECONOMY appeared to regain momentum in 2006 after its sluggish performance in 2005. Real GDP growth is projected to reach 4 and 4.1 per cent in 2007 and 2008 respectively.
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MADAGASCAR’S ECONOMY FELL INTO A DEEP recession after the 2001 political crisis. It soon bounced back, however, with growth of 9.8 % in 2003 and further expansion in 2004 (5.3 %), 2005 (4.6 %) and 2006 (4.8 %).