Sub-Saharan African economy to grow on average 5 percent in 2013-2015
The World Bank has said Sub-Saharan African economy is likely to record more than 5 percent growth on average in 2013-2015 as a result of high commodity prices worldwide and strong consumer spending on the continent.
According to the Bank’s latest Africa’s Pulse, a twice-yearly analysis of the issues shaping Africa’s economic prospects the projected economic in the continent, stemmed from positive steps taken to ensure that the region remains amongst the fastest growing in the world
In 2012, about a quarter of African countries grew at 7 percent or higher and a number of African countries, notably Sierra Leone, Niger, Cote d’Ivoire, Liberia, Ethiopia, Burkina Faso and Rwanda, are among the fastest growing in the world.
The new World Bank report forecasts that medium-term growth prospects remain strong and will be supported by a gradually improving world economy, consistently high commodity prices, and more investment in regional infrastructure, trade, and business growth.
The World Bank says that given the considerable amounts of new mineral revenues coming on stream across the region, resource-rich African countries will consciously need to invest these new earnings in better health, education, and jobs, and less poverty for their people in order to maximize their national development prospects.