African Development Bank Bullish on Continent |
|
July 6, 2010
Africa is making a "spectacular" recovery from the global recession thanks to decades of market reform and strong trade ties with China, the chief economist for the African Development Bank said Tuesday.
Africa is making a "spectacular" recovery from the global recession thanks to decades of market reform and strong trade ties with China, the chief economist for the African Development Bank said Tuesday.
Mthuli Ncube, presenting the annual economic forecast of the multilateral bank dedicated to alleviating poverty and boosting growth in Africa, predicted a 4.5 percent growth rate for the continent's economies this year. The bank looks ahead to more than 5 percent growth next year, and soon back to the average of about 6 percent Africa enjoyed between 2006 and 2008. Growth was just 2.5 percent last year.
But Ncube says recovery could be threatened if Europe - to which many African economies are closely linked - fails to bounce back. Other threats include the possibility of political or social tension and problems created by years of poor investment in infrastructure.
Related Links
