Mumbai: Africa''s economy as a whole will grow faster this year, but structural changes are still needed if it is to catch up with the rest of the world, according to a report prepared by the 17 th World Economic Forum (WEF), which concluded its meeting in Cape Town on June 15.

The continent is expected to achieve economic growth of 6.2 per cent in 2007, against last year''s 5.5 per cent growth, the Africa competitiveness report said.

Despite this growth, the study said factors such as poor infrastructure, corruption and lack of access to finance were other concerns that may still hold back Africa.

Much of the continent''s current growth was being fuelled by external factors such as high commodity prices, debt relief and an upbeat international economic environment, the report pointed out.

"Truly sustainable growth, however, must be based on solid domestic foundations rather than cyclical or exogenous circumstances," said the study, which was compiled in association with the World Bank and the African Development Bank.

"The African macro-economic environment is looking better and better," said WEF senior economist Jennifer Blanke. "While there have been improvements, the problem is that the rest of the world is moving faster."

The United Nations estimates that Africa''s economy needs to grow seven per cent per year in order to halve poverty rates by 2015, one of the key millennium development goals.

Business delegations were excited at the scope for investing in the world''s poorest continent. Corporate executives ended a three-day dialogue with African leaders and multi-national envoys, hailing opportunities presented by the continent''s economic sprint, but stressing African states had to find their own way of sustaining growth.

"The clear overall message is extremely positive. There is optimism," said Malvinder Singh, chief executive of India''s Ranbaxy Laboratories.

"Africa has huge opportunities for business, and a big market place."

And WEF head of Africa, Haiko Alfeld, said investors'' perception of Africa was changing.

"The tone has changed ... from a kind of questioning: ''why invest in Africa , can Africa?'' to one of: ''how do we invest in Africa, how do we get in there?"

On its first day, the forum heard Africa faced being left further behind as its economic growth rate, projected to reach 6.2 per cent this year from 5.5 per cent in 2006, failed to match those elsewhere in the world.

There was also discussion about human rights and governance concerns around Africa ''s growing economic ties with non-traditional trading partners like China , which grew at a rate of 10 per cent last year.

About 800 delegates took part in the forum to examine ways of boosting economic growth and trade for the continent.

The meeting also saw former UN chief Kofi Annan being tasked with leading a $150 million drive to reverse the decline in farming in Africa, where some 200 million people suffer from hunger.