Africa's 'spectacular' exit from slump
By Donna Bryson |
July 7, 2010, Wednesday
|
Print Edition
Print Edition
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 yesterday.
Mthuli Ncube, presenting the annual economic forecast of the multilateral bank dedicated to alleviating poverty and boosting growth in Africa, saw 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 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.
A report last month from the consulting firm McKinsey & Co concluded that "global business cannot afford to ignore the potential" of Africa, and lauded its governments for acting in recent years "to end political conflicts, improve macroeconomic conditions and create better business climates."
A recent World Bank assessment also concluded Africa was rebounding from the global crisis, and poverty was slowly decreasing after "a decade of improvements in governance, favorable commodity prices, better macroeconomic policies, higher investments in human development, health care and education."
The optimism comes on worries recovery is still weak in Europe and the United States.
Ncube said China has been a strong trade and investment partner for Africa, and that its growing consumer market will be important to global growth.
Mthuli Ncube, presenting the annual economic forecast of the multilateral bank dedicated to alleviating poverty and boosting growth in Africa, saw 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 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.
A report last month from the consulting firm McKinsey & Co concluded that "global business cannot afford to ignore the potential" of Africa, and lauded its governments for acting in recent years "to end political conflicts, improve macroeconomic conditions and create better business climates."
A recent World Bank assessment also concluded Africa was rebounding from the global crisis, and poverty was slowly decreasing after "a decade of improvements in governance, favorable commodity prices, better macroeconomic policies, higher investments in human development, health care and education."
The optimism comes on worries recovery is still weak in Europe and the United States.
Ncube said China has been a strong trade and investment partner for Africa, and that its growing consumer market will be important to global growth.
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