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The African Development Report 2003 is the fifteenth annual survey of economic and social progress in Africa. Published for the sixth consecutive year by OUP, the Report provides comprehensive analysis of the state of the African economy, examining development policy issues affecting the economic prospects of the continent. The Report's theme this year - The Challenge of Globalization and Africa's Development - addresses some pertinent questions such as: How has Africa fared in the increasingly globalizing world? How does Africa maximize the opportunities and benefits of globalization while minimizing the risks and coping with the challenges of increasingly stiff competition in the goods market and volatility of capital flows? What are the policies and strategies for dealing with the problems of globalization, and especially of reducing poverty and promoting development in the Continent? The African Development Bank is a multilateral development finance institution whose membership comprises all African countries and 25 from Asia, Europe, North and South America. As Africa's premier development finance institution, the ADB is uniquely placed to provide comprehensive analysis of economic developments and policy concerns in the region. As such, the ADR is set to become the standard reference for economists and policy makers interested in African development for many years to come.