African Continent’s Economic Outlook For 2013 And 2014 Is Promising, Says OECD Senior Official

Africa's agricultural, mining and energy resources could boost the continent's economic growth and pave the way for a breakthrough in human development, according to the African Economic Outlook 2013.

A rundown on the report was provided by Mr Mario Pezzini, Director at the Organisation for Economic Co-operation and Development (OECD) Development Centre in his keynote address to 'Mining, Agriculture and Development: Bread from Stones?' in Perth today.

It is the national conference of the Crawford Fund, being held in conjunction with the Africa Australia Research Forum.

The forum is being held as a forerunner to the three day Africa Down Under conference - which Mr Pezzini will also address - commencing in Perth tomorrow, in which Australia's $40 billion participation in helping develop Africa's mineral riches, will be under the spotlight.

In his address today, Mr Pezzini highlighted the roles of agriculture and mining in improving the wealth of countries, and raised the main risks and challenges being faced by each sector and also when they intersect.

Mr Pezzini said that the African continent's economic outlook for 2013 and 2014 was promising, confirming its healthy resilience to internal and external shocks and its role as a growth pole in an ailing global economy. Africa's economy is projected to grow by 4.8% in 2013 and accelerate further to 5.3% in 2014.

'Growth is not enough', says Mario Pezzini.
'African countries must provide the right conditions for turning natural resources into jobs, optimize their resource revenues through smart taxation and help investors and locals to make the most of linkages,' he said.