Africa economic growth at 4.5%
Tag: Africa economic, Africa economic growth
Summary: The African Development Bank (AfDB) Group has said Africa’s economic growth will reach 4.5 per cent this year and a further 0.3 per cent (4.8 per cent) by 2013.
The African Development Bank (AfDB) Group has said Africa’s economic growth will reach 4.5 per cent this year and a further 0.3 per cent (4.8 per cent) by 2013.
The African Economic Outlook, a compendium of data on 53 African countries jointly published by the AfDB, UN Economic Commission for Africa and others, released in Arusha, Tanzania during its yearly meeting, stated that Africa’s economy grew by 3.4 per cent last year, with North Africa recording 0.5 per cent growth, compared to Nigeria and other sub-Saharan African countries with over five per cent growth in that year.
“The economic outlook for Africa remains optimistic. Natural resource-rich economies are expected to do better than more mature emerging economies,”the publication stated.
The report attributed the growth to natural resources exports, migrant remittances and good economic policies maintained by some of the continent’s countries, aided by good weather and relative stability in the international market.
However, it warned that the crisis in Europe, which is Africa’s premier economic and trading partner, could undermine demand for exports.
”The continued economic crisis in the euro area may reduce demand for African exports, while lowering external resource inflows,” it said.
Earlier, the bank’s President Donald Kaberuka commended African countries for maintaining growth, but urged caution given the uncertain external environment.
He appealled for caution, saying Africa should not show excessive optimism with regard to the continent’s economic growth.