The World Economic Forum (WEF) on Thursday urged African countries to boost long-term competitiveness so as to ensure sustainable improvements in living standards.
African economies have made strides in achieving economic growth in the past recent years but these strides must be accompanied by efforts to boost long-term competitiveness, the WEF said in its Africa Competitiveness Report 2013 jointly produced by the WEF, the African Development Bank and the World Bank.
The report stressed the importance of achieving regional integration which it said is a key vehicle for helping Africa to raise competitiveness, diversify its economic base and create enough jobs for its young, fast-urbanizing population.
It said Africa's exports remain too heavily focused on commodities and that its share of world trade remains low, despite numerous regional economic communities and domestic market liberalization.
"Africa's growth needs to be seen in the wider international context, where encouraging gains in economic growth belie an underlying weakness in its long-term competitiveness," said Jennifer Blanke, Chief Economist of WEF.
"Regional integration is key to addressing this weakness through the delivery of wider social and economic benefits and should be prioritized by Africa's leaders as they look to ensure that Africa delivers on its promise," he said.
Gaiv Tata, Director, Africa Region, World Bank Group, echoed this view, saying "to turn its economic gains into sustainable growth and shared prosperity, Africa's public and private sectors must work together to connect the continent's markets, deepen regional integration, and adopt reforms that enhance national competitiveness."
The report was released during the WEF meeting which began on Wednesday and will last until Friday with more than 865 participants from more than 70 countries. Under the theme "Delivering on Africa's Promise," the meeting's agenda will integrate three pillars: Accelerating Economic Diversification; Boosting Strategic Infrastructure; and Unlocking Africa's Talent.
