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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 %).
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ANGOLA IS EXPERIENCING RAPID and prolonged economic growth, thanks to a boom in commodity prices and rapid development of oil and diamond production. But lack of structural reform, widespread inefficiency and weak governance are jeopardising the potential of economic growth.
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MALI’S ECONOMIC GROWTH OUTLOOK remains favourable. After recording a 6 per cent growth rate in real GDP in 2005, growth in 2006 is estimated at 5 % and is expected to be around 4.7 % per year in 2007 and 2008.
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MAURITIUS HAS MADE CONSIDERABLE progress in transforming its economy from a low-income country to a middle-income country based primarily on the production and exports of sugar and textiles.
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THE 2005 PRESIDENTIAL ELECTION WAS a contest between opposition parties and a “presidential majority” coalition backing President Omar Bongo Ondimba for another sevenyear term. Bongo was declared by the constitutional court to have won re-election with about 80 per centof the votes cast.
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BENIN HAS EXPERIENCED A GRADUAL slowdown in growth since 2001, from 6.2% in 2001 to 2.9% in 2005. Nevertheless, indicators for 2006 improved in comparison with 2005 and the overall outlook is quite positive.
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EGYPT HAS GREATLY BENEFITED FROM reforms to open up and liberalise its economy in recent years and has quickly become a dynamic market economy, led by the private sector and well integrated into the global economy.
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AEO 2007 contains, once again, grounds for optimism regarding the continent’s sustained economic development. Backed by favourable commodity prices, increased aid flows, debt forgiveness and the implementation of needed reforms, economic performance improved in many African countries in 2006.