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Involvingprivate sectorin domesticresourcemobilizationThe 5th African World BusinessCongress and1st IGAD Investment ForumAddis Ababa, Ethiopia3 March 2009We are all witnesses, and indeed contributed in various ways tothe recent strong economic performance of Africa, which averagednearly 6% over the past six years. However, recent forecastsindicate that the economic outlook for the continent in 2009 doesnot look as bright, with the current downturn in the world economyalready having a negative impact on Africa.The current crisis is unprecedented in scale and scope and will affectgrowth, trade, investment flows, trade credits, remittances, andtourism. It will also translate into shortfalls in public revenues andmake it difficult for national governments to finance their recurrentand investment programmes. The sharp fall in stock market indicesin countries such as South Africa, Nigeria, Egypt and Kenya whichhas resulted in significant wealth losses is particularly relevant to thisgathering.We must, above all, be concerned about the impact of this crisis onthe fight against poverty and the ongoing effort to achieve the MillenniumDevelopment Goals. Recent progress in this area, whichhad already been negatively affected by recent historical peaks infood and energy prices, may be further stalled. We are already seeingmassive job losses and sharp reductions in industrial activity inthe developed and emerging economies which will no doubt translateinto similar situations in Africa.198 Part Four