African Development Bank bullish on continent
Africa’s main development bank says the continent is making a “spectacular” recovery from the global recession.
African Development Bank (AfDB) chief economist Mthuli Ncube said on Tuesday the bank’s annual economic forecast predicts growth for the continent of 4,5% this year and more than 5% next year. It is then expected to return to the average of about 6% it enjoyed between 2006 and 2008. Growth was just 2,5% last year.
Ncube links Africa’s resiliency to trade with China and to decades of market reform.
But he says recovery could be threatened if Europe—to which many African economies are closely connected—fails to bounce back. Other threats include the possibility of political or social tension and problems associated with poor infrastructure.—Sapa-AP