Loading...
See More

Africa ready to add to global growth

Apr 21 2013 14:21 AFP


Related Articles

Visas for Africa

PIC plans to invest more in Africa

Africans take on US over World Bank post

SA's economy a fighter

Transnet keeps Africa economy on track

Zuma: Economy needs to grow faster

 

Washington - Africa, with its improved economies, can contribute to global growth for the first time in history, African finance ministers said on Saturday in Washington.

"Africa is the continent that will allow us to overcome the slowdown in growth" in the rest of the world, said Cameroon's finance minister, Alamine Ousmane Mey, at a news conference during the IMF-World Bank spring meetings.

The continent, home to nearly a billion people, has significant natural resources, a young population and a rapidly developing middle class. "So many of the pillars of global growth," Mey said.

"Africa is a different place," said Nigeria Finance Minister Ngozi Okonjo-Iweala. "For the first time, we are able to contribute to the global growth."

Sub-Saharan Africa is projected to have 5.6% growth in 2013, according to International Monetary Fund data published on Tuesday.

Eighteen of the countries were expected to have at least 6.0% growth, with only two in recession, Equatorial Guinea and Swaziland.

South Africa, the continent's leading economy, was forecast at a more moderate 2.8% pace.

The World Bank this week highlighted Africa's progress in reducing poverty. Its latest global poverty update shows that the region's $1.25-a-day poverty rate fell from 58.1% in 1999 to 47.5% in 2008.

A recent report by consultancy McKinsey & Co, noting that Africa has the world's fastest growing population, said that its booming consumer demand, not natural resources, would drive growth.

Still, the African continent remains extremely vulnerable to external shocks, said the two finance ministers.

Growth in Africa was reduced between one and two percentage points by the food crisis in 2008-2009, Ngozi said.

"We are concerned," she said. If slow growth persists in the eurozone, which provides a large market for many African countries, and if growth slows in emerging-market economies, "we will be more vulnerable".

That was why "we also asked our partners in other parts of the world to work hard and faster so the the global uncertainties that we confront in the eurozone improve," the Nigerian finance minister said.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

imf  |  world bank  |  african economy
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
10 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

New forms of digital technology are changing the very ways in which entrepreneurs run their businesses.
 
 

6 life hacks you simply have to know

A few simple tricks can make your life so much easier!

 
 

For chic geeks...

Device lets disabled people talk through their nose
It’s THIS easy for someone to steal your ATM pin!
This is why you should install iOS 8
17 photo illusions that look so real

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...