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4.3 Conclusion: Economic Report on Africa 2007
The following conclusions summarize the results of Africa’s export diversification efforts and results:

Other macroeconomic factors Related Articles

Overview I: Economic Report on Africa 2007
Moderate world growth and the threat of macroeconomic imbalances
1.3 World macroeconomic imbalances: Economic Report on Africa 2007
Macroeconomic imbalances still a major concern
2.1 Growth performance V: Economic Report on Africa 2007
Sustainability of macroeconomic balances remains a concern over the medium term
5.1 Macroeconomic stance is crucial to diversification outcomes: Economic Report on Africa 2007
An important aspect of the diversification debate and of Africa’s experience has to do with the role that macroeconomic policy plays. This has also been investigated at the continental level in the results that are presented in table A5.1. Two important indicators of macroeconomic stability, depending on the macroeconomic policy in operation, are inflation and real effective exchange rates and these are found to be among the most critical determinants of diversification outcomes in Africa.
1.15 Building an employment agenda: Working Out of Poverty
Employment, and the promotion of enterprise that creates it, remains the most effective route to poverty eradication. The objective of full employment is essential – an issue on which the European Union has given political leadership. Most policy prescriptions, however, do not view job creation as an explicit objective of economic and social policies, but rather as a hopedfor result of sound macroeconomic policies. At the ILO, we believe that sound macroeconomic policies are essential for desired growth, but such growth must be employment-intensive to effectively reduce poverty. While the main challenge remains at the national level, development cooperation has a role to play. Donor countries and institutions, especially international financial institutions, should build this in as an integral part of their vision.
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