African Economies Reliant on Export of Primary Products

The recently released African economic report indicates that African economies are still reliant on export of primary products such as oil and timber. According to this report, remittances also make a substantial contribution to economic growth in the continent. The report however calls for a sustained focus on industrialization without abandoning the production of food, if the growth is to be sustained. Since the beginning of this year, the continent has recorded a 4.8% growth.