In an official press release issued by The World Bank’s new Africa’s Pulse, a bi annual analysis of the issues shaping Africa’s economic prospects, African economies are growing while general global economies are down sliding. Sub-Saharan Africa alone is expected to grow at a rate of 4.8 percent, only one percent decrease from last year’s growth.
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Although African countries have also had their fair share of economic uncertainties and volatility as a result of the Euro crisis and overall global economic slowdown, most of the countries have not felt the full effects of the crisis as a result of recent mineral discoveries which have fueled high commodity prices and strong export growth.
Africa is now also a major destination for foreign direct investment, as investors who are turned off by the uncertainties within the global market and economy at large seek after the potential and promise within Africa.
In the statement, Makhtar Diop, World Bank’s VP for Africa said:
“A third of African countries will grow at or above 6 percent with some of the fastest growing ones buoyed by new mineral exports and by factors such as the return to peace in Côte d’Ivoire, as well as strong growth in countries such as Ethiopia. An important indicator of how Africa is on the move is that investor interest in the region remains strong, with $31 billion in foreign direct investment flows expected this year, despite difficult global conditions.”
For the full press release click here.
