The UN Economic Commission for Africa (UNECA) on Monday urged African countries to pursue transformation agenda to ensure growth, job creation and reduce vulnerability to external shocks.
This was contained in 2012 Economic Report on Africa published by the UNECA, made available to news men in Addis Ababa.
The report stressed that the African economies had quickly rebound from the 2008 financial crises as commodity prices rose and export revenues returned to pre-crises levels, which provided an opportunity for them to finance the necessary investments.
It further added that turmoil in North Africa and Euro crisis, had slowed the growth in 2011, but that despite uncertainties, some African countries have grown at double digits, reflecting higher commodity prices and strong domestic demand.
The report which was entitled “Unleashing Africa’s Potential as a Pole of Global Growth’’, stated that Africa’s governments need to push through growth-promoting macroeconomic policies in short run, while adopting long-term development strategies.
“Specifically, they should increase investments in high quality investments in high quality education, health and infrastructure that can enhance long-term growth potential.
“In the long-term, African countries must vigorously pursue economic diversification and structural transformation to moderate negative external shocks from the euro debt crisis or volatility in commodity prices or both’’, it pointed out.
The report further urged governments in Africa to provide decent jobs to their citizens.
In addition, the report also called on the governments to intensity efforts of diversifying their export destinations, expand economic partnerships, including those with emerging economies, and deepen intra-Africa trade and investment.
The report said by doing so, Africa could grow faster and become “a global growth pole’’ by unleashing its productive potential by aggressively investing in infrastructure and human capital.
The report was jointly presented by the AU Commission and the UNECA.