CAPE TOWN, Feb 24 (NNN-AfDB) — The African Development Bank (AfDB) says Africa?s economic growth may reach 6.5 percent next year, as the global financial crisis declines.
The Bank?s President Donald Kaberuka said the real gross domestic product growth could reach about 7 percent in 2011 from a forecast of about 5.5 percent growth for 2010.
?Although this recession has been a major setback for many countries, much of Africa – I?m not saying all of it has avoided the worst effect of the recession,? Mr Kaberuka told a panel of finance-ministers and central-bank officials from 10 African countries in Cape Town.
He said Africa?s economy is expected to grow between 4.5 percent and five percent this year, with the expansion likely to accelerate by an additional 1.5 percentage points in 2011.
The forecasts are more optimistic than the International Monetary Fund?s predictions, issued Jan 26, for Africa?s economy to grow 4.3 percent this year and 5.3 percent in 2011, he also stated.
The world’s poorest continent, mainly dependent on minerals and commodity exports for revenue, surprised economists by weathering the global economic crisis better than the West, where recession has curbed growth in many developed countries.
Top African economy South Africa which exited its first recession in 17 years last December together with Nigeria and Kenya, is expected to help spur Africa’s recovery on the back of improved global demand, according to the official. — NNN-AfDB
Latest by NAM NEWS NETWORK:
- SATELLITE IMAGES TO BE USED IN MAPPING FORESTS IN FIJI
- THAI ARMY CHIEF ORDERS HIGH ALERT AGAINST ILLEGAL ACTS ALONG BORDER
- MALAYSIA RECORDS HIGHEST TOTAL TRADE OF RM1.3 TRILLION LAST YEAR
- PARAGUAY'S VICE PRESIDENT & WIFE DOWN WITH DENGUE
- HANTAVIRUS ALERT IN CHILE AFTER THREE DEATHS & TEN INFECTED
