The Economic Report on Africa is an annual series that reviews the continent’s economic performance and near-term prospects. This year’s report’s main conclusion is that trade liberalization alone will not boost growth and poverty reduction in Africa. In 2003, Africa was the second fastest growing developing region, yet, only 5 countries achieved the 7% or higher growth rate required to reach the Millennium Development Goal of halving poverty by 2015. FDIs inflows continued to increase but still remain largely concentrated in the natural resources sector. Although the regional outlook for 2004 is positive, with growth projected to accelerate, there are still several downside risks to be faced.