Economic Development in Africa Report 2013-2014 will be published in recent years and will become the first report on economic development in Africa; it is expected that such report will be published every year in the future. The economy recovery proves fragile in developed countries and the economic growth slows down in emerging economies, but Africa maintains a high growth rate and has become a new pole of world economic growth, which brings to opportunity to promote China-Africa cooperation.

   This report is prepared by Center for African Studies of Shanghai Normal University. This Center is the Ministry of Foreign Affairs’ cooperator in “China-Africa joint research and exchange program” and Chinese think tank for “China-Africa Think Tanks 10+10 Partnership Plan” as well as the “National Institute of Regional and State Studies” of the Ministry of Education of the People’s Republic of China. 

   The report shows that, in general, the African economy maintains the momentum of rapid development in recent years, continues to grow steadily and ranks highest on global economy. In 2013, GDP of African continent increased by 4.8%. Compared with that in 2012 (5.7%), the economic growth rate decreases slightly but still ranks highest on global economy. Especially, when the population in other countries is aging gradually, African demographic advantage becomes more and more obvious. The scale of labor force by 2050 will reach 1.2 billion, which means that one of every four workers around the world comes from Africa. The steady economic growth in African continent is closely related to the good international environment, which highlights that the economic relations between African continent and the BRIC countries represented by China becomes closer and closer; besides, such relations have become the major driving force for economic development in African countries.

   While continuing to be optimistic about the good momentum of economic development in Africa, this report also analyzes the imbalances and vulnerabilities existing in the process of economic development in Africa. The vulnerability of African economy is mainly reflected by the influence by emergencies, which indicates that the anti-risk capacity of African economy is weak. For example, the Ebola virus disease that ravaged three countries in West Africa last year has had an adverse impact on the economies of the countries concerned. By the middle ten days of September in 2014, 5500 persons in West Africa were infected by Ebola virus and more than 2500 of them were dead; and the actual conditions may be more serious. Furthermore, the price of global oil slump recently and oil producing countries in Africa are faced with severe challenge. Now, the oil price falls below $50 per barrel and is lower than half of the original one. The slump in oil price also leads to the decrease of commodity price, so the adverse impact thereof may be even more serious than Ebola virus.

   Professor Shu Yunguo and Professor Zhang Zhongxiang, editors-in-chief of Economic Development in Africa Report from Center for African Studies of Shanghai Normal University thought the rapid development of African economy is due to the China-Africa Economic & Trade Cooperation. China has become African major trade partner since 2009 and Africa is a significant stage for China to take advantage of the domestic and international resources and markets; and Africa’s development also brings important opportunities to China. “Road and Belt” Initiative is becoming China’s major strategy. Therefore, the construction of high-speed railway network, express way network and regional aviation network that are carrying out by Africa may be connected with China's “Road and Belt” Initiative to advance the joint development of China and Africa. (Source: Xinmin Evening News)