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

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