Business
Africa to maintain solid growth in 2013 and 2014 – IMF
The changing fortunes of Africa has become a theme of investment conferences, magazine covers, and the just concluded summit of the BRICS (Brazil, Russia, India, China and South Africa) bloc of emerging economies held in Durban, South Africa.
Economies in sub-Saharan Africa will ride out the bumpy global recovery in the next few years to post growth rates not seen outside Asia, the International Monetary Fund (IMF) said in its latest economic forecasts Tuesday.
The IMF’s latest World Economic Outlook predicted economic activity in Africa’s reinvigorated economies will “remain robust” in 2013 and 2014.
Regional gross domestic product (GDP) is expected to increase 5.6 percent in 2013, slightly lower than previously expected, but still among the fastest rates seen anywhere in the world.
Resource-rich economies like Nigeria – (Africa’s top oil producer) will attain growth of over 7 percent; Mozambique – (which has become on of Africa’s main natural gas producers) will attain growth of 8.4 percent – are expected to lead the way.
Only two countries, Swaziland and Equatorial Guinea are expected to see their economies shrink.
In 2014, an economic resurgence in South Africa — the regional powerhouse — is expected to push sub-Saharan growth to around 6.1 percent, faster than originally thought.
