African countries, bruised by the global financial crisis, must restructure their economies and boost trade among themselves to ride out economic storms, a top economist said Wednesday.
 
Improving infrastructure, governance, financial institutions as well as adopting new technologies can insure African economies against the effects of another meltdown, said Jennifer Blanke, a senior economist with the World Economic Forum, which opened here Wednesday.
 
"These are the issues that will enhance Africa's growth potential and also prepare African economies more for facing any kind of disruption," Blanke told AFP.


Long term advatage
She added the slowdown's limited effect on African economies was a "short-term advantage."
 
"The lesson is to strengthen your economies so that when this happens again -- and it will -- you are better placed to ride off the storm,' Blanke said.
 
Although Africa was spared much of the ravages of the global economic downturn, reduced trade, declining remittances and dwindling foreign investment piled pressure on the continent.
 
"What really affected Africa was a decline in demand and a decline in prices that Africa was getting for its goods.
 
"If Africans are buying more of their own stuff then you have less of a concern over demand from other parts of the world," she added.
 
Eleven African heads of state and government are expected here for the 20th World Economic Forum (WEF) on Africa, to discuss strategies for the continent in the aftermath of the economic downturn.
 
"Africa is a continent full of potential. Africa has been growing despite the economic instability that is facing the world today," Tanzanian President Jakaya Kikwete said.
 
"We will have the opportunity to examine the strategy of Africa for today to ensure that there is a better tomorrow," he added in remarks posted on the WEF website.

 
The World Economic Forum is a Swiss-based foundation that gathers world leaders and industry chiefs for talks on a range of political and economic problems.
 
According to the International Monetary Fund April estimates, sub-Saharan Africa is predicted to see stronger recovery this year, with growth forecast at 4.7 percent.

Agricultural sector
That recovery was attributed to rebounding trade, higher commodity prices and government spending to smooth out the impact of the financial and economic crisis.
 
Many African countries' economies hinge on subsistence agriculture, farm produce and mineral exports to the West, while trade within the continent is underdeveloped.
 
Africa is the continent least prepared for economic crisis, already riven by long-standing conflicts and civil wars as well as by widespread disease and hunger.
 
Source: AFP