Business
Africa economic growth real and sustainable – Institute of International Finance
Africans at Work. PHOTO/Volkswagen South Africa
Africa’s recent robust growth is sustainable and the continent can attract even more investors if it plays its cards well, an influential group representing the world’s top financial institutions said on Wednesday.
The Institute of International Finance (IIF) said that the world’s second fastest growing region could maintain 4.7 percent annual growth seen since 2007, according to its maiden report on sub-Saharan Africa.
The powerful institute represents leading banks and financial institutions around the world, notably those who hold large amounts of government bonds.
“After emerging Asia, Africa is the fastest-growing region in today’s world,” said George Abed, head of the IIF’s Africa and Middle East department.
“Many countries on the African continent have achieved great progress in stabilizing their economies and consolidating their rates of growth.
“What is remarkable about this outcome is that it has been achieved during a period of unprecedented global financial turbulence.”
In a report covering seven of the region’s leading economies, the IIF said a potent cocktail of lower debt, better economic management, political stability and an extended resource boom had proven to be an economic elixir for the long crisis-plagued region.
