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Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. The South Africa CCDR was prepared in late 2022 and shows that South Africas ambition to build a more inclusive, resilient, and sustainable economy depends on the extent that the country will be able to shift from its current heavy dependence on coal to low-carbon activities (decarbonize) and to address the growing risks from climate change (adapt and build resilience). Oil rose from less than $20 a barrel in 1999 to more than $145 in 2008. 1 0 obj Anyanwu has observed that African countries have a high dependence on mineral exports for foreign revenues. With about 117 million people (2021), Ethiopia is the second most populous nation in Africa after Nigeria, and still the fastest growing economy in the region, with 6.3% growth in FY2020/21. To our knowledge, this may be the first study of its kind to examine in detail the dynamic causal relationship between education and economic growth in South Africa - using the ARDL bounds testing approach and a multivariate Granger causality model. This translated into weaker private sector output levels and an increase in order backlogs. Subscribe to our email newsletter and stay updated. Economic growth is constrained by poor infrastructure, unreliable power, low agricultural productivity, poor governance, and lack . As these countries diversified, their annual real GDP growth accelerated from 3.6 percent a year in the 1990s to 5.5 percent after 2000. One could easily forget that Ethiopia was once seared into the global consciousness with an overwhelming famine in the 1980s. Economic Growth and Trade | Kenya | U.S. Agency for International Over the last 20 years, three-quarters of the continents increase in GDP per capita came from an expanding workforce, the rest from higher labor productivity. The study finds that higher oil prices positively affect the development of renewable energy in oil-importing countries by making renewable energy more economically competitive. Gain a competitive advantage into the lucrative construction industry in sub-Saharan Africa with our in-depth construction market reports for sub-Saharan Africa countries. Nigeria provides an example of an African oil exporter that has begun the transition to a more diversified economy.