average GDP growth rate 1996–2005

8
AFRICA
’
S SILK ROAD
:
CHINA AND INDIA
’
S NEW ECONOMIC FRONTIER
share of non-oil exports over the last two decades see figure 4. This disappointing performance means that Africa has not taken full advantage of international trade to leverage growth.
The countries in Africa experiencing strong growth outside the oil- producing nations have been buoyed, in part, by global price increases in other primary export commodities. As illustrated in figure 5, with the exception of raw materials, whose prices have been relatively stagnant,
other commodities, including metals and non-oil minerals, have experienced noticeable increases in their price levels. This worldwide rise of com-
FIGURE 2
Africa’s Share of World Exports Has Been Declining
0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 1948 1953 1963 1973 1983 1993 2004
% sha
re of wo
rld expo
rts
Source: IMF Direction of Trade Statistics.
FIGURE 3
Africa Accounts for 1.8 Percent of Global FDI Flows
North America (17.0%) Latin America and the Caribbean
(9.2%)
Sub-Saharan
Africa (Pacific (Middle East and North
Africa (1.1%) Western Europe (Eastern Europe and Former Soviet Union (South Asia East Asia Source World Bank World Development Indicators.
00b-Overview:00b-Overview 10/8/06 7:59 AM Page 8

OVERVIEW
9
modity prices has been engendered in large part by the rapid growth of
Asian developing countries, especially China and India. They contributed close to 40 percent of global import growth for precious stones, 30 percent for crude oil, and 20 percent for metallic ores see figure 6. Their demand for these commodities is likely to grow, or at least not change from current levels, in the foreseeable future.
FIGURE 5

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