North Africa's states scores higher rate of growth
Regional, Economics, 7/9/2001
The annual report released by the African Development Bank said that North Africa states' growing economic in 2000 led to a higher living standard than that of the previous year as Egypt, for example, scored a rate of growth of 5% and its per capita income hits $ 1146.
The North Africa states, in general, achieved a 4.1 rate of growth against 3.8% in 1999. The trade balance deficit dropped by 40% i.e.$ 8.11 billion against $ 13.83 in 1999. The report added that the volume of foreign trade decreased from 70% out of the Gross Domestic Product (GDP) in 1992 to 40% in 2000 scoring $ 80.26 billion.
It praised the North Africa states' efforts in taming the rate of inflation that settled at 5% in 2000, besides the application of privatization programmes which have played a key role in upping the rates of growth like Egypt which managed to privatize 40% of the state-owned companies in a way that ranked Egypt the fourth among the other countries.
Concerning the rate of poverty in the African continent the report indicated that the rate of those living at only one dollar per day went down to 3% in Egypt, 2% in Tunisia, Algeria and Morocco, and the rate of poverty in general marked 32% in Egypt, 38% in Morocco, 25% in Algeria and 22% in Tunisia.
The report pointed out that the COMESA, Egypt is one of its member states, canceled the inter-members customer duties to achieve a growth of trade of 20% per year to the extent that Egypt's trade balance with the COMESA member states upped by 60% only in one year.
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