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Washington - Growth in most African countries is accelerating as most economies are suffering few after-effects from last year's global recession, the International Monetary Fund (IMF) said Wednesday.
Economic growth on the impoverished continent is forecast to average 5% this year and 5.5% in 2011, making Africa one of the few regions not expected to see a slowdown next year, according to the IMF's semi-annual report on the global economy.
The recovery is being led by oil-exporter Nigeria, which should grow 7.4% in the next two years as oil prices have rebounded. South Africa, the largest economy in Sub-Sahara, is projected to grow 3% this year and 3.5% in 2011.
Rupa Duttagupta, an economist with the IMF, praised African governments for "good macro economic policies" in the run-up to last year's global recession.
"Most of the countries had built enough fiscal space to respond to the crisis" and avoid its worst effects, Duttagupta said.
But the IMF warned that Africa could still be affected by another downturn in the global economy. Oil exporters could suffer if demand for the fossil fuel falls, while a stiff round of budget cuts planned in wealthier countries could lower the amount of aid and investment flowing into Africa.
