World Economic Forum Africa Competitiveness Report_2011


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World Economic Forum Africa Competitiveness Report_2011

  1. 1. AfricaThe Competitiveness Report 2011
  2. 2. The Africa CompetitivenessReport 2011The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  3. 3. The Africa Competitiveness Report 2011 is the result of Copyright © 2011collaboration between the World Economic Forum, the by the World Economic Forum, theWorld Bank, and the African Development Bank. International Bank for Reconstruction and Development/The World Bank, the African Development Bank, and the AfricaAT THE WORLD ECONOMIC FORUM CommissionProfessor Klaus SchwabExecutive Chairman Published by the World Economic Forum, Geneva.Robert GreenhillChief Business Officer The findings, interpretations, and conclusionsJennifer Blanke expressed herein are those of the author(s)Lead Economist, Head of the Centre for and do not necessarily reflect the views ofGlobal Competitiveness and Performance the Executive Directors of The World Bank,Ciara Browne the African Development Bank, or the gov-Associate Director ernments they represent.Katherine Tweedie The World Bank, the African DevelopmentDirector, Africa Bank, and the World Economic Forum do not guarantee accuracy of the data includedAT THE WORLD BANK in this work. The boundaries, colors, denomi- nations, and other information shown on anyRobert Zoellick map in this work do not imply any judgmentPresident on the part of The World Bank, the AfricanShantayanan Devarajan Development Bank, or the World EconomicChief Economist, Africa Region Forum concerning the legal status of any ter-Marilou Uy ritory or the endorsement or acceptance ofSector Director, Finance & Private Sector such boundaries.Development, Africa Region All rights reserved. No part of this publica-Michael Fuchs tion may be reproduced, stored in a retrievalActing Sector Manager, Finance & Private system, or transmitted, in any form or by anySector Development, Africa Region means, electronic, mechanical, photocopying,Giuseppe Iarossi or otherwise without the prior permission ofSenior Economist, Finance & Private Sector the World Economic Forum.Development, Africa Region The terms country and nation as used in this report do not in all cases refer to a territorialAT THE AFRICAN DEVELOPMENT BANK entity that is a state as understood by inter-Donald Kaberuka national law and practice. The terms coverPresident well-defined, geographically self-containedMthuli Ncube economic areas that may not be states butChief Economist & Vice President, ECON for which statistical data are maintained on aComplex separate and independent basis.Désiré Vencatachellum ISBN-13: 978-92-95044-97-5Director, Development Research DepartmentPeter OndiegeChief Research Economist, DevelopmentResearch DepartmentZuzana BrixiovaPrincipal Research Economist, DevelopmentResearch DepartmentWe thank the Africa Commission and the DanishGovernment for their financial contribution tothis Report.We thank Hope Steele for her superb editingwork and Neil Weinberg for his excellent graphicdesign and layout. Printing by SRO-Kundig. The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  4. 4. ContentsPreface...................................................................................................vby Donald Kaberuka (African Development Bank Group), Part 3: Competitiveness ProfilesSøren Pind (Ministry of Development of Denmark), How to Read the Competitiveness Profiles .................115Klaus Schwab (World Economic Forum), and Robert List of Countries .............................................................123Zoellick (World Bank Group) Competitiveness Profiles ...............................................124Acknowledgments............................................................................vii About the Authors..................................................................195Overview..............................................................................................xiPart 1: Assessing African Competitiveness1.1 Exports, FDI, and Competitiveness in Africa.......................3 by Jennifer Blanke (World Economic Forum), Zuzana Brixiova (African Development Bank), Uri Dadush (Carnegie Endowment), Tugba Gurcanlar (World Bank), and Giuseppe Iarossi (World Bank)Part 2: Capitalizing on Africa’s Resources2.1 Reforming Higher Education: Access, Equity, and Financing in Botswana, Ethiopia, Kenya, South Africa, and Tunisia.......................................................39 by Kwabena Gyimah-Brempong (University of Southern Florida) and Peter Ondiege (African Development Bank)2.2 Strengthening Women’s Entrepreneurship........................67 by Mary Hallward-Driemeier (World Bank)2.3 Assessing Africa’s Travel & Tourism Competitiveness in the Wake of the Global Economic Crisis ......................89 by Jennifer Blanke and Ciara Browne (World Economic Forum) and Andres F. Garcia and Hannah R. Messerli (World Bank) The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  5. 5. The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  6. 6. PrefacePrefaceDONALD KABERUKA, President, African Development Bank GroupSØREN PIND, Minister of Development of DenmarkKLAUS SCHWAB, Executive Chairman, World Economic ForumROBERT B. ZOELLICK, President, World Bank GroupThe Africa Competitiveness Report 2011, the third report To grow further and be globally competitive,jointly published by our organizations, comes out at a Africa needs to put in place the conditions for a vibranttime when Africa’s recovery from the global economic private sector. The time is propitious to support reformcrisis has been faster than it has in many other parts of and to help Africa improve its competitiveness andthe world. Indeed, Africa has seen what can be termed growth prospects. In today’s interconnected world,an “economic resurgence” over the past decade: between Africa’s prosperity is important to all of us, both as a2001 and 2010, gross domestic product growth on the source of global growth and to promote an inclusivecontinent averaged 5.2 percent annually—a rate also and sustainable globalization.expected in 2011, and higher than the global average of4.2 percent. Questions remain, however, as to how sustainablethis growth will be over the longer term. Recent eventsin North Africa suggest that much remains to be doneto place Africa’s economic development on a moresolid footing. The Africa Competitiveness Report highlights areaswhere we need urgent policy action and investment to vensure that Africa sustains its economic recovery andcontinues to grow in the future. It maps out the conti-nent’s policy challenges and presents a unified vision,shared by all our organizations, of the areas requiringcritical attention. The Report can serve as a useful toolfor African decision makers in public and privatespheres to measure the business climate potential forfostering sustainable growth and prosperity. As such, we hope this year’s Report will stimulatediscussion in both the private and public sectors on theissues at stake. The private sector can play a vital rolein the process of reform. As essential stakeholders, busi-nesses can support and advocate both for reforms thatenhance competitiveness and for initiatives that createjobs. Governments will want to emphasize a soundbusiness climate as a catalyst for long-term shared growthand prosperity. The Africa Competitiveness Report focuses on har-nessing Africa’s underutilized resources: skills, femaleentrepreneurship, and natural and cultural resources.The Report also contains in-depth assessments of thestate of competitiveness, the impact of foreign directinvestment on the continent, and the trade performanceof the region, including the potential of increased pro-ductivity growth in agriculture and agribusiness. Its finalsections provide detailed competitiveness profiles forseveral African countries. The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  7. 7. The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  8. 8. AcknowledgmentsAcknowledgmentsThe Africa Competitiveness Report 2011 was prepared Forum we thank Amrote Abdella, Ciara Browne,by a joint team comprised of Jennifer Blanke from Sophie Bussmann-Kemdjo, Robert Crotti,the World Economic Forum, Giuseppe Iarossi from Margareta Drzeniek Hanouz, Thierry Geiger, Satuthe World Bank, and Peter Ondiege and Zuzana Kauhanen, Kamal Kimaoui, Dana Marquardt, IreneBrixiova from the African Development Bank. The Mia, Pearl Samandari, and Katherine was carried out under the general direction of From the Africa Commission we thank WinnieShantayanan Devarajan, Chief Economist for the Petersen.Africa Region, and Marilou Uy, Sector Director,Finance and Private Sector Development, AfricaRegion, The World Bank; Robert Greenhill, ChiefBusiness Officer, World Economic Forum; andMthuli Ncube, Chief Economist and VicePresident, Désiré Vencatachellum, Director,Development Research Department, and LéonceNdikumana, Director, Operational PoliciesDepartment, of the African Development Bank. Our gratitude goes to the distinguished authors viiwho have shared with us their knowledge and expe-rience and contributed to this year’s Report. We are similarly grateful to all staff from ourinstitutions who have worked so hard to make thisjoint report possible and who have provided com-ments at different stages of the report preparation. Inparticular, we thank Abdul B. Kamara, PeterWalkenhorst, John Anyanwu, Albert Mafusire,Abebe Shimeles, Vinay D. Ancharaz, EmellyMutambatsere, Ahmed Moummi, Wolassa L.Kumo, Goerge Honde, Andrew Mwaba, NatsukoObayashi, Edith Laszlo, Baboucarr S. Sarr,Mamadou S. Bah, Sunitar Pitamber, Agnes Soucat,Ruth Charo, Alain Mingat (Consultant), SylvainDessy (External Reviewer), Mina Baliamoune(Consultant), John Luiz (Consultant), ThourayaHadj Amor (Consultant), Kaouther Abderrahim(Consultant), and Ines Mahjoub (Statistical Assistant)from the African Development Bank; assistance wasalso provided by Rhoda Bangurah, Nana Cobbina,Abiana Nelson, and Ines Hajri. From the WorldBank, we thank Simon Bell and James Emery (peerreviewers); and Paul Brenton, Francisco Campos,Gary Fine, Michael Fuchs, Vincent Palmade, MiriaPigato, Jan Walliser, Michaela Weber, and YutakaYoshino, and the other staff who participated inreviewing the drafts. From the World Economic The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  9. 9. Partner Institutes PARTNER INSTITUTES OF THE WORLD ECONOMIC FORUM Algeria Ethiopia Centre de Recherche en Economie Appliquée African Institute of Management, Development and pour le Développement (CREAD) Governance Youcef Benabdallah, Assistant Professor Tegegne Teka, General Manager Yassine Ferfera, Director Gambia, The Angola Gambia Economic and Social Development Research MITC Investimentos Institute (GESDRI) Estefania Jover, Senior Adviser Makaireh A. Njie, Director PROPETROL—Serviços Petroliferos Ghana Arnaldo Lago de Carvalho, Managing Partner Association of Ghana Industries (AGI) South Africa-Angola Chamber of Commerce (SA-ACC) Patricia Djorbuah, Projects Officer Roger Ballard-Tremeer, Hon Chief Executive Cletus Kosiba, Executive Director Nana Owusu-Afari, President Benin Micro Impacts of Macroeconomic Adjustment Policies Kenya (MIMAP) Benin Institute for Development Studies, University of Nairobi Epiphane Adjovi, Business Coordinator Mohamud Jama, Director and Associate Professor Maria-Odile Attanasso, Deputy Coordinator Paul Kamau, Research Fellow Fructueux Deguenonvo, Researcher Dorothy McCormick, Associate Professor Botswana Lesotho Botswana National Productivity Centre Mohloli Chamber of Business Letsogile Batsetswe, Research Consultant and Statistician Libya Parmod Chandna, Acting Executive Director National Economic Development Board Phumzile Thobokwe, Manager, Information and Entisar Elbahi, Director, Relations and Supported Services Research Services Department Madagascar Burkina Faso Centre of Economic Studies, University of Antananarivoviii lnstitut Supérieure des Sciences de la Population (ISSP), Ravelomanana Mamy Raoul, Director University of Ouagadougou Razato Rarijaona Simon, Executive Secretary Samuel Kabore, Economist and Head of Development Strategy and Population Research Malawi Malawi Confederation of Chambers of Commerce and Industry Burundi Chancellor L. Kaferapanjira, Chief Executive Officer University Research Centre for Economic and Social Development (CURDES), National University of Burundi Mali Richard Ndereyahaga, Head of CURDES Groupe de Recherche en Economie Appliquée et Gilbert Niyongabo, Dean, Faculty of Economics Théorique (GREAT) & Management Massa Coulibaly, Coordinator Cameroon Mauritania Comité de Compétitivité (Competitiveness Committee) Centre d’Information Mauritanien pour le Développement Lucien Sanzouango, Permanent Secretary Economique et Technique (CIMDET/CCIAM) Khira Mint Cheikhnani, Director Cape Verde Lô Abdoul, Consultant and Analyst INOVE RESEARCH—Investigação e Desenvolvimento, Lda Habib Sy, Analyst Rosa Brito, Senior Researcher Júlio Delgado, Partner and Senior Researcher Mauritius Frantz Tavares, Partner and Chief Executive Officer Joint Economic Council of Mauritius Raj Makoond, Director Chad Groupe de Recherches Alternatives et de Monitoring Board of Investment du Projet Pétrole-Tchad-Cameroun (GRAMP-TC) Kevin Bessondyal, Assistant Director, Planning and Policy Antoine Doudjidingao, Researcher Dev Chamroo, Director, Planning and Policy Gilbert Maoundonodji, Director Veekram Gowd, Senior Investment Advisor, Planning Celine Nénodji Mbaipeur, Programme Officer and Policy Raju Jaddoo, Managing Director Côte d’Ivoire Chambre de Commerce et d’Industrie de Côte d’Ivoire Morocco Jean-Louis Billon, President Université Hassan II, LASAARE Jean-Louis Giacometti, Technical Advisor to the President Fouzi Mourji, Professor of Economics Mamadou Sarr, Director General Mozambique Egypt EconPolicy Research Group, Lda. The Egyptian Center for Economic Studies Peter Coughlin, Director Omneia Helmy, Deputy Director of Research and Donaldo Miguel Soares, Researcher Lead Economist Ema Marta Soares, Assistant Magda Kandil, Executive Director and Director of Research Malak Reda, Senior Economist The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  10. 10. Partner InstitutesNamibiaNamibian Economic Policy Research Unit (NEPRU)Jacob Nyambe, Senior ResearcherFanuel Tjingaete, DirectorNigeriaNigerian Economic Summit Group (NESG)Frank Nweke Jr., Director GeneralSam Ohuabunwa, ChairmanChris Okpoko, Research Director, ResearchRwandaPrivate Sector FederationMolly Rwigamba, Acting Chief Executive OfficerEmmanuel Rutagengwa, Policy AnalystSenegalCentre de Recherches Economiques Appliquées (CREA), University of DakarDiop Ibrahima Thione, DirectorSouth AfricaBusiness Leadership South AfricaFriede Dowie, DirectorMichael Spicer, Chief Executive OfficerBusiness Unity South AfricaSimi Siwisa, DirectorJerry Vilakazi, Chief Executive OfficerSwazilandFederation of Swaziland Employers and Chamber of Commerce ixZodwa Mabuza, Chief Executive OfficerSihle Fakude,Research AnalystTanzaniaResearch on Poverty Alleviation (REPOA)Joseph Semboja, Professor and Executive DirectorLucas Katera, Director, Commissioned ResearchCornel Jahari, Researcher, Commissioned Research DepartmentTunisiaInstitut Arabe des Chefs d’EntreprisesMajdi Hassen, Executive CounsellorChekib Nouira, PresidentUgandaKabano Research and Development CentreRobert Apunyo, Program ManagerDelius Asiimwe, Executive DirectorCatherine Ssekimpi, Research AssociateZambiaInstitute of Economic and Social Research (INESOR), University of ZambiaMutumba M. Bull, DirectorPatricia Funjika, Staff Development FellowJolly Kamwanga, CoordinatorZimbabweGraduate School of Management, University of ZimbabweA. M. Hawkins, Professor The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  11. 11. The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  12. 12. OverviewOverviewThe Africa Competitiveness Report 2011 comes out as the creating an enabling environment as well as identifyingworld emerges from the most significant financial and and removing obstacles to high-potential sectors andeconomic crisis in generations. While many advanced industries. This will be critical to ensuring that Africaeconomies are still struggling to get their economies accelerates its progress in the positive direction that itback on a solid footing, Africa has, for the most part, has taken over the past decade.weathered the storm remarkably well. This year’s Africa Competitiveness Report is the third Indeed, despite a small dip in growth during the crisis in a series within a partnership among three institutionsperiod, Africa has staged a quick and strong comeback. deeply committed to Africa’s development. FollowingBetween 2001 and 2010, growth in gross domestic on our first joint report in 2007, the World Economicproduct (GDP) on the continent averaged 5.2 percent Forum, the World Bank, and the African Developmentannually, with the African Economic Outlook (AEO) pro- Bank have come together once again to underscore thejecting 5.2 percent growth in 2011 as well, higher than importance of discussing the challenges of competitivenessthe global average of 4.2 percent projected by the in Africa. Each institution approaches the topic in its ownInternational Monetary Fund (IMF). The key challenge way, and together—when combined in this volume—for the continent is how to turn the ongoing recovery they provide the reader with a rich set of complementaryinto strong, sustained, and shared growth that will lead views about how to expand opportunities and increaseto notable improvements in people’s lives. productivity and growth in Africa (see Boxes 1 and 2). xi Yet despite its generally solid performance, much In addition, this year the Africa Commission and theneeds to be done to ensure that this growth continues Danish government have also provided their support tointo the future. One of the reasons that Africa was less the Report.affected by the crisis than some other regions (e.g., This joint publication looks at different factors thatemerging Europe) was its limited integration, espe- affect competitiveness in Africa. By competitiveness wecially of its financial markets, into the global economy. mean all of the factors, institutions, and policies thatAlthough this sheltered African economies over the determine a country’s level of productivity. The pro-shorter term, it holds them back in their development ductivity of an economy, in turn, sets the sustainableover the longer term. Indeed, one of the ingredients for level and path of prosperity that a country can achieve.sustained growth identified by the Growth Commission In other words, more competitive economies tend tois the ability of a country to seize opportunities from be able to produce higher levels of income for theirthe global economy, or, put differently, to engage with citizens. A country’s productivity level also determinesother countries and regions on mutually beneficial the rates of return obtained by investment. Because theterms.1 In fact, as this Report discusses, those regions rates of return are the fundamental drivers of growthsuch as East Africa that have experienced greater trade rates, a more competitive economy is one that is likelydiversification have demonstrated greater resilience to grow faster over the medium to long term.during the crisis. In today’s globalized world, a country’s trade per- More generally, African economies must continue formance and export sophistication and diversificationto develop economic environments that are based on are critical indicators of its competitiveness and areproductivity enhancements to better enable them to drivers of economic performance. Much research hasensure solid future economic performance. This means demonstrated the importance of international integra-keeping a clear focus on strengthening the institutional, tion and a strong export sector to enable small openphysical, and human capital prerequisites for a strong and economies to achieve high growth. In addition to pro-competitive private-sector-led development. And it viding an important revenue source, the export sectormeans focusing in particular on policies and interven- creates an important feedback loop for improving pro-tions that open up opportunities for entrepreneurship ductivity and reinforcing competitiveness by increasingand employment for all members of society. The state competition in the home market and providing firmshas an important role to play in this regard—through with access to new technologies and techniques. The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  13. 13. Overview Box 1: Data used in this Report The Executive Opinion Survey and investment. The breadth and depth of data allow cross- The Executive Opinion Survey (Survey) conducted annually by country analysis by firm attributes (size, ownership, industry, the World Economic Forum captures the perceptions of leading etc.), and can probe the relationship between investment business executives on numerous dimensions of the economy climate characteristics and firm productivity. Every year, 15–30 from a cross-section of firms representing its main sectors. The Enterprise Surveys are implemented, with updates planned Survey compiles data in the following areas: government and for each country every three to five years. This reflects the public institutions, infrastructure, innovation and technology, intense nature of administering firm surveys, given that firms education and human capital, financial environment, domestic are required to respond to many detailed questions. So far over competition, company operations and strategy, environment, 125 countries have been surveyed, including over 22,000 entre- social responsibility, Travel & Tourism, and health. All these preneurs, senior managers, and CEOs in over 40 African coun- areas feed into the 12 pillars of the Global Competitiveness tries. In 10 countries in Africa, surveys have been conducted Index. more than once; hence panel data are also available to The Survey gauges the current condition of a given researchers around the globe. For more information, visit economy’s business climate, and the data generated from the Survey comprise the core qualitative ingredient of the Global Competitiveness Index as well as a number of other Doing Business Indicators development-related studies and indexes carried out by the The World Bank’s Doing Business Indicators are carried out World Economic Forum and other institutions. The most recent on an annual basis, providing a quantitative measure of a par- Survey data cover a record 139 countries, with responses from ticular aspect relevant to competitiveness: business regulations more than 13,000 respondents worldwide, including 2,689 senior relevant to the operation of domestic small- to medium-sized management respondents in 35 African countries. enterprises (SMEs) throughout their life cycle. Specifically, they In the Survey, business leaders are asked to assess cover the following topics: Starting a Business, Dealing with specific aspects of the business environment in the country in Construction Permits, Registering Property, Getting Credit, which they operate. For each question, respondents are asked Protecting Investors, Paying Taxes, Trading Across Borders, to give their opinion about the situation in their country of resi- Enforcing Contracts, and Closing a Business. The indicators arexii dence, compared with a global norm. To conduct the Survey in built on the basis of standardized scenarios that permit consis- each country, the World Economic Forum relies on a network tency of approach and straightforward comparisons across of over 150 Partner Institutes. Typically, the Partner Institutes countries. They also enable the tracking of reform efforts over are recognized economics departments of national universities, time. Ease of use makes this a useful tool for policy analysis. independent research institutes, or business organizations. The Doing Business data are updated annually; the most recent More information on the Executive Opinion Survey can be report (published in September 2010) covers 183 economies, found in Chapter 2.1 of The Global Competitiveness Report 50 of them in Africa. Some of these indicators are included in 2010–2011. the Global Competitiveness Index. For more information, visit Enterprise Surveys The World Bank’s Enterprise Surveys provide another important These three methodologies have similarities and differences. source of data for this Report, collecting both perception and They are similar to the extent that they all focus on issues relat- objective indicators of the business environment in each ed to the business environment and they are based on a survey country. While not carried out in every country in every year, of managers or experts. They differ in their objective: the World the Enterprise Surveys are made up of larger sample sizes Economic Forum Survey aims at capturing the differences in the that allow for a nuanced analysis of the results, for example business environment across countries and at including the by economic sector and gender of respondent. The data are perspectives of CEOs and top managers, preferably with inter- collected through face-to-face interviews with hundreds of national experience. The World Bank Enterprise Surveys, on the entrepreneurs; hence responses reflect the managers’ actual other hand, aim at measuring many different aspects of the experiences. The data collected span all major investment business environment and are more geared toward SMEs and climate topics, ranging from infrastructure to access to finance domestically focused firms; the Doing Business data attempt to and from corruption to crime. Detailed productivity information measure the regulatory environment across countries. includes firm finances, costs such as labor and materials, sales, The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  14. 14. OverviewThemes for improved competitivenessOver the last decade, many African countries focused Box 2: The African Development Bank: Knowledgeon getting the economic fundamentals right. They to improve investment climate and competitivenessput in place more sustainable fiscal policies, controlledinflation, and managed their debt. Some went further, The African Economic Outlook (AEO) is an annualaddressing fundamental structural rigidities by divesting publication jointly produced by the African Developmentfrom private-sector activity, opening up some publicly Bank and the OECD Development Centre beginning indominated sectors—such as telecommunications—and 2001–02. These organizations were joined in 2007 by the UN Economic Commission for Africa and by the United Nationsreducing public-sector borrowing from the banking sec- Development Programme (UNDP) in 2010. The publicationtor, which was crowding out private investment. These reviews recent economic developments in Africa by adoptingreforms paid off. Investors both domestic and foreign a comparative approach and a common analytical frame-welcomed these reforms, and foreign direct investment work. It provides forecasts for key macroeconomic variables.(FDI) in particular increased from US$2.4 billion in The AEO surveys and analyzes the current socioeconomic1985 to US$53 billion in 2008. Similarly, exports from performance of African economies and provides informationAfrica increased significantly and continuously. African on a country-by-country basis about their socioeconomiccountries witnessed a period of sustained economic progress as well as on the short- to medium-term prospectsexpansion mostly fuelled by export-led growth. of these countries. Each year, the AEO addresses a specific Global integration offers incredible opportunities theme that focuses on a critical but under-researched areafor increased investment, greater growth, and job cre- of Africa’s socioeconomic development. The 2011 theme isation. Africa must take advantage of this opportunity and Emerging Economic Partnerships. The AEO provides an overview of specific international developments that maymust claim a greater share of world trade. The conti- impact African economies, country notes on selected num-nent has made genuine progress in first-generation ber of countries, and a selected statistical appendix onreforms. But to further boost competitiveness and African countries. The current edition of the AEO is the 10thincrease volume and sophistication of exports, Africa and covers 51 African countries—1 more than in the previ-must tackle much tougher second-generation reforms. ous edition. The key objectives of the AEO are to broaden theTwo strategies can help the continent achieve this goal: knowledge base on African economies and to offer valuablediversifying its product and market base, and capitalizing support for policymaking, investment decisions, and donors’ xiiion its own underutilized resources: managerial skills, interventions. Another important objective is to assist infemale entrepreneurship, and natural and cultural capacity building. Through the involvement of Africanresources. experts and institutions in its preparation, the AEO increases research capacity and reinforces their ownership. For moreDiversifying products and markets information, visit great deal of empirical evidence suggests that interna-tional trade is positively associated with high economicgrowth.2 The benefits of trade are well known: it raisesincome through specialization, increased competition,and the exploitation of economies of scale. It alsoincreases the variety of products and services availablein the market and promotes technological innovation. Yet, despite improving over recent decades, availability of skilled labor and the capacity for innova-Africa’s share in world trade remains low, it is heavily tion, along with input costs and the quality of policies,concentrated in natural resources, and intra-African are the main drivers of competitiveness in heavy manu-trade is particularly limited. Over the past 20 years, facturing. More generally, the major cross-cutting poli-Africa has continued to depend heavily on natural cy areas that constrain Africa’s competitiveness across allresources for export revenues, whereas other regions main industry groups include those that increase indirectlargely diversified into processing industries. Only a costs—trade logistics and infrastructure; and those thathandful of countries in Africa were able to increase relate to poor business environments—access to land,their world market share of exports over the last decade, availability of skills, and ability to absorb technology. Theand these still began from a very low base. Much can be Global Competitiveness Index (GCI) discussed ingained by diversifying exports and by further opening Chapter 1.1 shows that these are areas in which theup regional trade. continent scores relatively poorly. The strategy each country must follow will depend Regional integration can help African countrieson which industry it has a comparative advantage in. become more competitive and resilient to externalThe cost of inputs (labor, capital, materials, energy), the shocks, as the recent experience of East Africa during thequality of physical infrastructure, and the tax system are global financial crisis illustrates. Clearly, a lack of well-critical in determining a country’s competitiveness in functioning transport and trade facilitation regimes isthe global export markets for simple manufacturers. The what is hindering many countries from becoming bigger The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  15. 15. Overview global players. Better logistics are strongly associated rising only from 4 percent in 1999 to 6 percent in 2007. with trade expansion, export diversification, and the Even though African countries have generally spent rel- ability to attract FDI. atively large proportions of their national resources on FDI inflows play an important role in improving education, the stock of human capital with a higher competitiveness in African firms (both producers and education in Africa continues to be very low by inter- suppliers) through advancing their managerial skills and national standards. technological capacities. Measures to encourage regional Besides, research shows more and more that it is integration and trade in Africa are likely to attract addi- cognitive skills and learning, not years of schooling, that tional market-seeking FDI. Similarly, services in most of makes the difference. The reason is that cognitive skills Africa need to be further developed since the service could foster innovation and promote technology diffu- sector is both an important input into the competitive- sion by equipping the workforce with the ability to ness of manufactures and an engine of growth in its absorb, process, and integrate new ideas into production own right. In addition to augmenting the capital stock, and service delivery. The areas of higher education FDI can play an important role in improving total fac- undertaken by a majority of African students are not in tor productivity (TFP) in African countries through fields such as science, engineering, technology, and advancing their technological capacities. The central business, as is the case in rapidly growing emerging role of FDI has been well recognized by African policy- economies of Korea and China, but often in social makers: without the transfer of technological capabilities sciences and the humanities. The result is a skill mis- and home-grown innovation, the productivity gap match—university graduates remain unemployed, while between African countries and more advanced African countries continue to face shortages of skilled economies will not be reduced and could even widen labor. further. The good news is that the rate of return to skills is While attracting growth-enhancing FDI would high in Africa. What is therefore needed is a big push help raise competitiveness, achieving it requires that on quality education and skills, as was seen in Korea host countries create business environments where for- and other East Asian countries to underpin their growth eign investors can boost the productivity of existing miracles. The finding on the importance of cognitivexiv domestic activities and generate positive spillovers. skills for long-run growth should be a wake-up call for Open trade and investment regimes are critical in this Africa, and should raise questions about the quality of regard, as FDI has been found to be particularly benefi- the education now being provided. cial for growth where it encourages trade.3 Raising The thriving telecommunications sector in many human capital and technological capacity as well as African countries can facilitate information transfer, developing infrastructure and financial sectors are crucial knowledge, and learning. At the same time, tertiary for attracting FDI that would generate positive education curricula and pedagogy need to be reformed. spillovers for domestic economies. In other words, The pedagogical approach makes a difference in the more competitive economies will tend to attract more quality and effectiveness of entrepreneurship education FDI. students receive. Consequently, a partnership between Finally, FDI is likely to exert the most positive industry and government on tertiary education should impact on productivity and development in recipient be formed. African countries if multinational enterprises (MNEs) take a broader perspective and support them in this Women’s entrepreneurship endeavor. Specifically, investing MNEs need to negoti- The business case for expanding women’s economic ate contracts that are fair and sustainable, adopt adequate opportunities is becoming increasingly evident. The and clean technologies, share knowledge, and in general ability of women to participate fully and productively adhere to good standards of corporate behavior.4 in the labor market is constrained in many regions, both by women’s lower educational levels relative to men’s Managerial skills and higher education and by social norms. This is inefficient, since increased In today’s globalized world, no country can thrive women’s labor force participation and earnings will without a capacity to generate, transmit, and utilize new enhance not only women’s own economic empower- knowledge. Put differently, today’s globalized economy ment, but also that of their children and the society as a requires countries to nurture pools of well-educated whole. workers. The rate of women’s entrepreneurship is high in Much progress has been made in getting children Africa—higher than in any other region. However, this into school and achieving parity between boys and is not necessarily a sign of economic empowerment. In girls in African classrooms at the primary school level, fact, although there are no performance gaps between and to a lesser extent at the secondary school level. But men’s and women’s enterprises once differences in size, while rapid progress has been made in such basic-level sector, and industry are taken into account, research enrollments, university enrollment has barely advanced, shows that women are concentrated in the informal, The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  16. 16. Overviewmicro, low-growth, low-profit areas. These include ture and over 50 percent more than in mining. At thefood processing and vending, tailoring, batik making, same time, the T&T sector compares well with otherbeauty salons, selling charcoal, and producing handi- sectors in regard to opportunities for SME development,crafts, among others. career advancement, and lifelong learning potential. While women are less likely to be operating larger The Report analyzes the T&T competitivenessfirms in higher-value-added sectors, those who do so of countries across the continent, using the Worldin fact manage firms that perform equally as well as Economic Forum’s Travel & Tourism Competitivenessthose run by men. Two sets of explanations help to Index. This analysis is complemented by World Bankaccount for why women are less likely to be active in research on the drivers of Africa’s T&T competitivenessthe higher-opportunity entrepreneurship activities. The that investigates visa administration, air transport access,first has to do with human capital. Women’s education hotels and lodges, tour operators, ecotourism and biodi-has continued to lag behind men’s, including in areas of versity, and cultural heritage in Africa. This approachparticular relevance to running a business such as finan- provides a sense of the opportunities and challengescial literacy and management training. The second set provided by the tourism sector on the continent.of explanations regards control over assets. While busi- The development of the T&T sector offers signifi-ness laws are largely gender blind, family, inheritance, cant opportunities for Africa to move up the valuelabor, and land laws are often not. It is this group of chain, fostering growth and development in the region.laws that determine legal capacity and control over Travel & Tourism in Africa has many advantages onassets within the household and often limit women’s which to build, including price competitiveness, adecision-making authority. Furthermore, the laws and strong affinity for tourism, and rich natural resourcesregulations affecting businesses (including licensing pro- supported by efforts toward environmental sustainabili-cedures) were designed for relatively large activities, ty. However, evidence shows that a number of obsta-which makes it difficult for micro enterprises to comply cles remain to improving the region’s competitiveness,with them. Corruption and bureaucracy make matters notably improving safety and security, upgrading healthworse, especially for women who are more vulnerable and hygiene levels, developing various forms of infra-to physical pressure from corrupt officials. Finally, the structure, and fostering the region’s human capital.main barrier to performance of women-owned enter- Given Africa’s many strengths, improvements in these xvprises is a cultural environment that makes it more diffi- areas will greatly enhance its ability to reap the enor-cult for women to start and run enterprises because of mous potential benefits of tourism.their traditional reproductive roles: women often mustdivide their time and energy between their traditionalfamily and community roles and running the business. Framing the competitiveness agenda: National Thus the agenda for expanding women’s economic competitiveness councilsopportunities is not to increase entrepreneurship per se, The government plays a crucial role in fostering com-but rather to enable women to move into higher-value- petitiveness within the African continent. And this roleadded activities, both in terms of taking the step from should not be limited to facilitating a business-friendlyself-employment to being an employer, and in the types environment and an adequate supply to human andof activities in which the women entrepreneurs engage. physical infrastructure. The state should also adoptIncreasing women’s human capital (education, manage- active and inclusive interventions in factors of produc-ment training, business mentors/networks), expanding tion, especially in high-growth potential sectors. Africanthe awareness of women’s success as entrepreneurs, and governments need to be committed to fostering theirimproving women’s voice in investment climate policy economies’ competitiveness by incorporating competi-circles are important steps to achieve these results. tiveness more broadly and effectively into their national development strategies. It is therefore important thatCultural and natural resources any intervention be brought together within a compre-Africa is blessed by rich natural and cultural resources, hensive strategy on competitiveness rather than being awhich include a great deal more than the continent’s series of ad hoc interventions.vast supply of natural minerals. This unexploited Yet improving competitiveness is not the responsi-endowment has great potential for employment genera- bility of government alone. Businesses and civil societytion, growth, and poverty reduction. One in twenty of also have their roles to play. What is needed is an ongo-all jobs in sub-Saharan Africa are in Travel & Tourism ing dialogue about measures needed and progress made(T&T). And as the T&T sector grows, its job creation in various areas, as well as incentives to keep up theand income-generating potential rise exponentially. A reform process.US$250,000 investment in the tourism sector generates As the world economy continues to globalize,182 full-time formal jobs, according to a study by the promoting competitiveness and growth has been mov-Natural Resources Consultative Forum.5 This is nearly ing to the center of the attention of policymakers and40 percent more than the same investment in agricul- business. However, progress is not easy to achieve, as it The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  17. 17. Overview often requires fundamental changes at all levels of socie- Notes ty. Although government implementation of the right 1 Launched in April 2006, the Commission on Growth and Development brought together 22 leading practitioners from economic policy measures is a prerequisite to enhancing government, business, and the policymaking arenas, mostly competitiveness, these measures need to be supported from the developing world. The Commission was chaired by Nobel Laureate Michael Spence, former Dean of the Stanford by the private sector and civil society in order to make Graduate Business School, with Danny Leipziger, former Vice- them work efficiently. What makes the task even more President of the World Bank as its Vice-Chair. Over a period difficult is that competitiveness depends on a myriad of four years the Commission sought to gather the best under- standing there was about the policies and strategies underlying of factors that span many areas of the economy. Yet rapid and sustained economic growth and poverty reduction. success is possible only if the underlying mechanisms More information on the Commission and its findings can be found at are well understood and if the main actors are commit- ted to making continuous efforts. 2 Some earlier controversies notwithstanding, more recent empirical literature (including a study focusing on within-country variations The common denominator of successful approaches in trade and growth rather than cross-country regressions) has is close cooperation among the public sector, business, consistently showed positive links between trade and growth. See, for example, Lee et al. 2004 and Dollar and Kraay 2002. and civil society, the three key actors. Over the past 3 Moran et al. 2005. few years, national competitiveness councils (NCCs) have proven to be one of the most successful approaches 4 OECD 2002. to institutionalizing public-private dialogue on compet- 5 Hamilton et al. 2007. itiveness. Recognizing that competitiveness can be enhanced only through joint actions, a number of countries have created NCCs that often play a major References role in economic policymaking. Acs, Z. J. and A. Varga. 2005. “Entrepreneurship, Agglomeration and Technological Change.” Small Business Economics 24 (3): Yet at present only a few African countries have 323–34. established active NCCs. Going forward, the creation Dollar, D. and A. Kraay. 2002. “Institutions, Trade, and Growth.” Journal of NCCs in Africa can play an important role in of Monetary Economics 50: 133–62. institutionalizing the ongoing process of reform and Hamilton, K., G. Tembo, G. Sinyenga, S. Bandyopadhyay, A. Pope, B. improvement, and also the sharing of best practices Guilon, B. Muwele, S. Mann, and J.-M. Pavy. 2007. The Real Economic Impact of Nature Tourism in Zambia. Lusaka, Zambia:xvi across the continent. Natural Resources Consultative Forum, Government of Zambia, and the World Bank. Lee, H. Y., L. Ricci, and R. Rigobon. 2004. “Once Again, Is Openness Structure of the Report Good for Growth?” Journal of Development Economics 75 (2): This Report includes four chapters, each addressing 451–72. different aspects of competitiveness in Africa. The first Moran, T., E. M. Graham, and M. Blomström, eds. 2005. Does Foreign Direct Investment Promote Development? Washington DC: chapter of the Report analyzes competitiveness across Institute for International Economics and Center for Global the continent by looking at a wide range of factors of Development. the business environment that have an impact on pro- OECD (Organisation for Economic Co-operation and Development). ductivity, as well as Africa’s progress in integrating into 2002. Foreign Direct Investment for Development: Maximizing Benefits, Minimizing Costs. Paris: OECD. the global economy through exports and FDI. The subsequent chapters focus on how Africa can better World Economic Forum. 2010. The Global Competitiveness Report 2010– 2011. Geneva: World Economic Forum. capitalize on its rich resource base—through reforming ———. 2011. The Travel & Tourism Competitiveness Report 2011. higher education, strengthening women’s entrepreneur- Geneva: World Economic Forum. ship, and improving the environment for developing Travel & Tourism on the continent. A number of concrete policy recommendations are made within the chapters. The final section of the Report provides detailed Competitiveness Profiles for the African countries included in the World Economic Forum’s Global Competitiveness Index. These profiles present the detailed rankings that go into the broader global competitiveness rankings. The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  18. 18. Part 1Assessing African CompetitivenessThe Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  19. 19. The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  20. 20. 1.1: Exports, FDI, and Competitiveness in AfricaCHAPTER 1.1 The aim of this Report is to highlight the prospects for strong, sustained, and shared growth in Africa and, more importantly, the obstacles to the continent’s com-Exports, FDI, and petitiveness and economic development. Such an assess- ment of Africa’s economies comes at an important time.Competitiveness in Africa A consensus among policymakers and researchers has emerged that African countries have weathered theJENNIFER BLANKE, World Economic Forum global economic crisis well. Yet questions remain as toZUZANA BRIXIOVA, African Development Bank how sustainable this growth will be over the longerURI DADUSH, Carnegie Endowment term.TUGBA GURCANLAR, World Bank The recent economic downturn underscores theGIUSEPPE IAROSSI, World Bank importance of developing a competitiveness-supporting economic environment that is based on productivity enhancements in order to better enable national econ- omies to weather unexpected shocks and to ensure solid, long-term economic performance. This chapter assesses the competitiveness landscape in Africa through a variety of lenses. We look at the factors driving pro- ductivity in general, as well as the export performance and ability of African countries to attract growth- enhancing foreign direct investment (FDI). Being for the most part small, open economies, African countries are well aware that a strong export performance is typically a prerequisite for reaching robust, sustained, and shared growth. In Africa, strong export performance does not mean only high export growth, but also increased diversification from low- 3 value-added activities (such as the export of unprocessed commodities) to higher-value-added ones.1 Such diver- sification lowers the volatility of growth through a reduced vulnerability of exports to external shocks. Exports of services can play an important role in this regard. According to Newfarmer et al., exports of services raises export growth, competitiveness, and diversification through lowering transaction costs in other export sectors, expanding existing activities, and creating new ones.2 For example, tourism (discussed in Chapter 2.3) can have a positive impact on exports in the host country by creating foreign demand, enabling deeper understanding of foreign preferences and spill- overs that raise quality standards, and thus making the existing export activities more competitive. Mauritius provides an example of a successful experience with tourism helping to diversify exports.3 African policymakers have recognized that FDI can also play a positive role in promoting growth, pro- ductivity, and development in their economies. FDI can be particularly beneficial for export sectors, as foreign companies help integrate developing countries into the global economy by easing access to foreign markets and including local enterprises in global production chains. Experiences from other world regions also suggest that FDI can help facilitate export diversification.4 Recently, the literature on FDI has found it to be beneficial for the host countries’ growth when an enabling business environment—one that includes trade and investment openness—is in place. Especially when The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  21. 21. 1.1: Exports, FDI, and Competitiveness in Africa Figure 1: World export shares, by region 15 n Mid 1990s n Mid 2000s 12 Percent of total world exports 9 6 3 0 East Asia Pacific Europe and Central Asia Latin America Sub-Saharan Africa and the Caribbean Source: UN Comtrade database, authors’ calculations. 4 FDI is accompanied by increased and diversified trade, 1995, and then to 14 percent in 2008. Europe and host countries tend to accelerate their growth rates.5 Central Asia, as well as Latin America and the Caribbean, Since the impact of FDI on growth and productivity is lagged behind, going from 1.2 and 6.5 percent in 1980 typically higher in manufacturing and services than in to 7 and 6 percent of world exports, respectively, in mining, FDI flows into the service sectors (e.g., tele- 2008. Meanwhile, sub-Saharan Africa’s share of world communications, banking) can support countries in exports showed little advance over this same period, their efforts to diversify production and exports. By and varied within a range of 1.3 and 1.6 percent. By slashing transaction costs, they also raise export compet- 2008, sub-Saharan Africa captured the smallest share itiveness. of world exports of any region, exporting just US$200 In this context, this chapter examines recent trends billion worth of goods for international markets, or and the main impediments for integrating African US$100 per capita (Figure 1). economies into global export markets, attracting growth- Although the growth of African economies as a enhancing FDI, and raising overall competitiveness. whole accelerated in the past decade, their export growth rates continued to lag behind that of other devel- oping regions, thus further widening the gap between Trade and FDI in Africa: Recent trends Africa and the rest. Moreover, growth in exports in Over the last two decades, world trade (measured in Africa has been mostly driven by mining, which repre- current US dollars) has tripled. Many factors have con- sented 73 percent of export growth between 1995 and tributed to this extraordinary advance. Among them are 2008, the highest of all regions. The lack of production the liberalization of trade, the falling costs of communi- and export diversification—in terms of both goods and cations and transportation, the slicing up of global pro- partners—made many African countries vulnerable to duction chains, an increased need for natural resources external shocks. Indeed, more diversified countries and in fast-growing developing countries, and an increased regions such as East Africa weathered the crisis better appetite for diversity as incomes rose across the globe. (as discussed in Box 3).6 Reversing Africa’s marginaliza- International trade in services has particularly taken tion in global trade, diversifying its exports, and moving off because of the reduction in communication costs them up on the technology ladder are, therefore, key and the digitization of services. policy priorities. However, not all developing regions benefited Because of the dual linkages between FDI and from this trend. East Asia’s share of world exports grew trade, FDI inflows have exhibited similar trends as trade, spectacularly from 3.3 percent in 1980 to 8 percent in rising rapidly during 2000s. While developed countries The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank
  22. 22. 1.1: Exports, FDI, and Competitiveness in Africacontinued to receive the majority of FDI inflows until Table 1: Global Competitiveness Index 2010–2011 and2009, the long-term geographical pattern has been grad- 2009–2010 comparisonsually changing, with more inflows going to developingcountries, especially in Asia. Africa was no exception to GCI 2010–2011 GCI 2009–2010the general rise in FDI—in fact, FDI inflows to the Country/Region Rank* Score Rank†continent more than tripled between 2001 and 2009.7 China 27 4.8 29 Looking ahead, a large body of literature has Tunisia 32 4.7 40underscored how important it is for African countries to Southeast Asian average 4.3 India 51 4.3 49be integrated in the world economy and have a strong, South Africa 54 4.3 45sophisticated, and well-diversified export sector in order Mauritius 55 4.3 57to maintain and achieve sustained growth. Moreover, Brazil 58 4.3 56 Russian Federation 63 4.2 63the importance of creating enabling environment to Namibia 74 4.1 74attract FDI into high-growth potential sectors, beyond North African average 4.1mining, cannot be overstated. Achieving these objec- Morocco 75 4.1 73 Botswana 76 4.1 66tives will help Africa to improve competitiveness of its Latin American & Caribbean average 4.0economies and raise productivity in order to achieve Rwanda 80 4.0 n/arobust, sustained, and shared growth.8 Egypt 81 4.0 70 Algeria 86 4.0 83 Gambia, The 90 3.9 81 Libya 100 3.7 88Examining Africa’s competitiveness Benin 103 3.7 103In order to identify the priority areas requiring urgent Senegal 104 3.7 92and sustained policy attention to improve compet- Kenya 106 3.6 98 Cameroon 111 3.6 111itiveness in Africa, in this section we provide a bird’s Tanzania 113 3.6 100eye view of the competitive landscape in Africa and Ghana 114 3.6 114an overview of where the continent stands vis-à-vis Zambia 115 3.5 112 Sub-Saharan African average 3.5international benchmarks. We base this analysis on Cape Verde 117 3.5 n/athe World Economic Forum’s Global Competitiveness Uganda 118 3.5 108 5Index (GCI).9 Ethiopia 119 3.5 118 Madagascar 124 3.5 121 Within the GCI, competitiveness is defined as the set Malawi 125 3.4 119of institutions, policies, and factors that determine the level of Swaziland 126 3.4 n/aproductivity of a country.10 The current and future levels Nigeria 127 3.4 99of productivity, in turn, set the sustainable levels of Lesotho 128 3.4 107 Côte d’Ivoire 129 3.3 116prosperity that can be earned by an economy. In other Mozambique 131 3.3 129words, more competitive economies tend to be able to Mali 132 3.3 130produce higher levels of income for their citizens. The Burkina Faso 134 3.2 128 Mauritania 135 3.1 127measurement of competitiveness is a complex undertak- Zimbabwe 136 3.0 132ing. To this end, the GCI captures the idea that many Burundi 137 3.0 133different elements matter for competitiveness by looking Angola 138 2.9 n/a Chad 139 2.7 131at 12 distinct pillars:11 institutions (public and private),infrastructure, the macroeconomic environment, health Source: World Economic Forum, 2009, 2010. * Out of 139 economies.and primary education, higher education and training, † Out of 133 economies.goods market efficiency, labor market efficiency, finan-cial market development, technological readiness,market size, business sophistication, and innovation. Another important characteristic of the GCI is that stage, they are able to sustain higher wages and the asso-it explicitly takes into account the fact that countries ciated standard of living only if their businesses are ablearound the world are at different stages of economic to compete with new and unique products. At this thirddevelopment. Accordingly, the GCI distinguishes three stage, companies must compete by producing new andstages of development. In its first stage, economies are different goods and services using the most sophisticatedfactor-driven and countries compete based on their factor production processes.12 The full description of the GCIendowments—primarily unskilled labor and natural is shown in Appendix A.resources. As wages rise with advancing development, This next section will assess the overall competi-countries move into the efficiency-driven stage of devel- tiveness of North Africa and sub-Saharan Africa as wellopment (the second stage), when they must begin to as the performance of individual countries compareddevelop more efficient production processes and increase with international standards. To put the analysis into aproduct quality in order to continue to be competitive. global context, we also include a number of comparatorFinally, as countries move into the innovation-driven economies and regions (Latin America and the The Africa Competitiveness Report 2011 © 2011 World Economic Forum, the World Bank and the African Development Bank