Strong growth for Africa despite global economic slowdown

Economic growth in Sub-Saharan Africa is likely to reach more than 5 per cent on average in 2013-2015, according to the World Bank’s latest Africa’s Pulse, a twice-yearly analysis of issues shaping Africa’s economic prospects.

This is as a result of high commodity prices worldwide and strong consumer spending on the continent, ensuring that the region remains amongst the fastest growing in the world.

In 2012, about a quarter of African countries grew at 7 per cent or higher and a number of African countries, notably Sierra Leone, Niger, Cote dIvoire, Liberia, Ethiopia, Burkina Faso and Rwanda, are among the fastest growing in the world.

The new World Bank report forecasts that medium-term growth prospects remain strong and will be supported by a gradually improving world economy, consistently high commodity prices, and more investment in regional infrastructure, trade, and business growth.

Welcoming the new assessment that Africa continues to grow faster than the global average, the World Bank’s Africa Vice President, Makhtar Diop said “African countries will need to bring more electricity, nutritious food, jobs and opportunity to families and communities across the continent in order to better their lives, end extreme poverty, and promote shared prosperity”.

“Without more electricity and higher agricultural productivity, Africa’s development future cannot prosper. The good news is that governments in Africa are intent on changing this", he added.

Diop also urged African governments and their development partners to upgrade the continents statistical capacity so that citizens could better measure and monitor their development progress and analyze the reasons for its success and failure, especially in resource-rich countries and fragile states, where data gathering and analysis remained weak.