Challenges of African Growth: Opportunities,

This report is one of a series of "Flagship Studies" intended to help clarify the opportunities, constraints, and strategic directions facing Africa and its partners as they attempt to accelerate economic growth to reduce poverty and put Africa on a path toward meeting the Millennium Development Goals. It is part of the analytic work promised in a plan entitled "Meeting the Challenges of Africa's Development," also known as the African Action Plan (AAP), discussed at the World Bank Board in 2005. The AAP has a strong focus on "increasing shared growth," and recommends several actions by the World Bank that will support accelerating growth. Offering both a long-term approach and country-specific analysis, the report recommends learning from history and from diverse experiences to guide countries' growth.

Foreword	p. xi
Acknowledgments	p. xiii
Executive Summary	p. xv
Abbreviations	p. xxi
Facing the Challenges of African Growth: Opportunities, Constraints, and Strategic Directions	p. 1
Poverty in Africa: Largely a Growth Challenge	p. 4
Breaking Out of the Low-Growth Syndrome-A Daunting Task but a Real Possibility	p. 9
The Report: An Overview	p. 11
Notes	p. 31
Africa's Long-Term Growth Experience in a Global Perspective	p. 33
Evolution	p. 35
Benchmarking against Asian Economies	p. 37
Diversity across Africa	p. 39
Sectoral Composition	p. 53
Conclusions	p. 55
Notes	p. 56
Explaining the African Growth Record: What Appears to Matter Most	p. 57
Sources of Economic Growth: Lessons from Growth Accounting	p. 58
Doing Business in Africa: The Investment Climate-Transaction Costs, Risk, Capacity	p. 66
Indigenous Entrepreneurs and Minority-Owned Firms	p. 75
Benchmarking of Growth Conditions in African Countries	p. 78
Conclusions	p. 97
Notes	p. 97
Constraints to Growth	p. 99
Africa's Unfavorable Endowments: A Constraint to Growth but Not a Predicament	p. 100
Natural Resources-Curse and Potential	p. 116
Risks and Uncertainty	p. 118
Weak Institutional Capacity	p. 130
The Financial Sector as a Constraint to Growth	p. 130
Low Savings	p. 136
Conclusions	p. 141
Notes	p. 142
Tackling the Challenges of African Growth	p. 143
Lessons from a Half-Century of Africa's Growth Experience	p. 145
Changing Contexts and Emerging Opportunities	p. 148
The Changing International Economic Environment-New Opportunities and New Challenges	p. 151
Opportunities and Options for Growth Strategies	p. 154
Key Strategic Challenges	p. 156
Mobilizing Resources for Growth	p. 188
Conclusions	p. 199
Notes	p. 200
Empirical Analysis of Influential Factors of Growth in Africa	p. 203
Estimating the Growth Model	p. 203
Influential Factors of Growth and Data	p. 205
Results	p. 214
Notes	p. 217
Bibliography	p. 219
Index	p. 237
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Challenges of African Growth: Opportunities, Constraints, and Strategic Directions

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