LUSAKA, April 3 (NNN-ZANIS) -- The risk of a sharper slowdown in the United States economy and a fall in global commodity demand and prices are likely to pose a major challenge to Africa's growth rate this year, according to the latest Economic Report on Africa.

The report adds that high oil prices, inefficient public infrastructure and unreliable energy supply at the national level as well as poor integration of transportation will affect the continent's growth.

It says that in addition to political instability in some countries, poor energy networks at the regional level continue to pose important constraints to Africa's growth.

"High oil prices will hurt oil importers through the current account and inflationary pressures," the report adds.

The report obtained by ZANIS here Wednesday states that African economies are forecast to grow by an average of 6.2 per cent this year.

The report, enttitled "Africa and the Monterrey Consensus: Tracking Performance and Progress", notes that African economies continue to sustain the growth momentum of previous years, recording an overall real GDP growth rate of 5.8 per cent in 2007.

The Monterrey Consensus was the outcome of the 2002 Monterrey Conference, the United Nations International Conference on Financing for Development and was adopted by Heads of State and Government on March 22, 2002.

New development aid commitments from the United States and the European Union and other countries were made at the conference and countries also reached agreements on other issues, including debt relief, fighting corruption, and policy coherence. Since its adoption, the Monterrey Consensus has become the major reference point for international development cooperation.

The report says although 30 African countries recorded higher economic growth rates in 2007 than in 2006, growth performances varied substantially across countries and regions.

The report also notes that economic growth recovery in Africa has not yet translated into meaningful social development and has not benefited vulnerable groups.

The annual joint flagship publication of the United Nations Economic Commission for Africa (ECA) and the African Union (AU) attributes Africa's growth performance in 2007 to robust global demand and high commodity prices.

Other growth factors include continued consolidation of macro-economic stability and improving macro-economic management, greater commitment to economic reforms, increased private capital flows, debt relief and increasing non-fuel exports.

The report indicates that Africa has also witnessed a decline in political conflicts and wars, especially in West and Central Africa, though peace remains fragile in some parts of the continent.

According to thereport, the evidence on implementation of the Monterrey Consensus commitments suggests that substantial progress has been made in the area of external debt relief. -- NNN-ZANIS