Good Economic News from Africa

The World Bank is reporting that macro-economic reforms along with improved governance and better trade policy has led to vast improvements in economies throughout Africa. As stated in the report: "For the first time in three decades...African economies are growing with the rest of the world. Average growth in the sub-Saharan economies was 5.4 percent in 2005 and 2006. The consensus projection is 5.3 percent for 2007 and 5.4 percent for 2008.”

While the credit is due in large part to oil, the results indicate that there are at least 18 other "non-mineral" industries that are contributing to this growth. While fair trade, handmade goods probably didn't make the list, at least we're doing a small part to give people the income needed to participate in these growing economies.

Further, countries internationally-recognized for “good performance” in macro-economic management and trade policy rose from 5 to 15 from 1999-2007, and 27 of 36 countries evaluated had improved their performance. Of course, civil unrest and corruption in places like Côte d’Ivoire, and Zimbabwe bring overall numbers down. It is great, however, to see positive economic news coming from the continent!