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IMF bullish over Africa’s huge capacity
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AFRICA presents immense potential as countries reform themselves and the continent’s huge pool of working-age labor in the next four decades has the International Monetary Fund optimistic about its future, a senior IMF official said yesterday in Shanghai.
The IMF is also positive about the future of the New Development Bank, also known as BRICS Bank, in strengthening cooperation between China, South Africa and other developing nations.
“African countries, especially those located beneath the Sahara Desert such as South Africa, Uganda and Tanzania, are moving fast in industrialization,” Abebe Aemro Selassie, deputy director of the IMF’s African Department, said during a lecture at the Research Institute of Chinese Economy at Fudan University. “The efforts are transforming some economies from commodity trade-based to more manufacturing-driven, and may sustain, even fuel, their growth in the future.”
Two thirds of the countries on the continent have seen their economies grow uninterrupted for 10 or more years due to higher commodity prices, more capital inflows and better governance, Selassie said, citing a recent IMF report. But the growth momentum slowed, particularly this year, due to the sharp fall in commodity prices and fluctuations in exchange rates.
“The continent needs to restructure its economy and become less dependent on trading of commodities,” Selassie said.
However, the stable rise of working-age labor supply in the continent will ensure investment and demand in its manufacturing sector, Selassie said. He estimated that by 2030, Africa will become the source of half of the global workforce increase, and by 2050 will generate a 100 percent increase.
The Shanghai-based New Development Bank, set up in July, is expected to bolster cooperation between emerging countries, Selassie said.
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