(AFDB) May 2011-The Africa Competitiveness Report 2011, a joint publication by the African Development Bank and World Bank, was launched during the World Economic Forum for Africa between 4 and 6 May 2011. Now in its third bi-annual edition, the Report comes out at a time when Africa’s recovery from the global economic crisis has been faster than in other parts of the world. In fact, Africa witnessed an economic resurgence between 2001 and 2010. Gross Domestic Product across the continent averaged 5.2% annually (a rate also forecast for 2011). That figure outstripped the global average of 4.2%.

The Report focuses on harnessing Africa’s underutilized resources. These comprise skills; female entrepreneurship, and natural and cultural resources. The Report also contains in-depth assessments of the state of competitiveness, the impact of foreign direct investment on the continent, and the trade performance of the region. It also outlines the potential for increased productivity growth in agriculture and agribusiness. The final sections include detailed competitiveness profiles for several African countries. Looking to the future and to further growth through global competitiveness, the Report notes the need for Africa to create the conditions for a vibrant private sector.

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A report put out by the African Development Bank states the rise in middle class in Africa as a result of the power to purchase goods and services by the African middle class backed by strong economic growth, the trend in the direction of a firmed, income employment system and leaving behind the long-established farming practices. The African Development Bank report states that the Middle Class has tripled to 313 million over the past 30 years due to up-and-coming employment system and economic growth. THE AFRICAN DEVELOPMENT BANK REPORTS 1 IN 3 AFRICANS IS A MEMBER OF THE MIDDLE CLASS– SPENDING $2 TO $20 PER DAY.