Africa: A continent on the rise
IMF’s first deputy managing director David Lipton is in Mozambique. Below are the excerpts from his speech on sub Saharan Africa.
“Africa has benefited tremendously from this trend. In 2008/2009, many were concerned that the continent would be hard hit by the global financial crisis. There was an impact, but most countries in Sub-Saharan Africa were remarkably resilient, notably the low-income countries. Growth was robust in 2012 at 5.1 percent, and that should accelerate moderately in the coming years. We project 5.4 percent growth in 2013 and 5.7 percent next year. Low-income countries should grow even faster, benefiting from rising domestic demand.
Demand for Africa’s commodities has helped spur this growth, particularly as new resources have been discovered and developed. But Sub-Saharan Africa’s resilience and growth are not simply a matter of rising commodity exports. In fact, some of the fastest-growing economies are not natural resource exporters.
This economic performance…
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