Economic growth in Africa
Economic growth in Africa is expected to rise faster than the global average. I hope this article informs you about what kind of issues are shaping Africa’s economic prospects.
Because global commodity prices are low plus the evident strong consumer spending, economic growth in Africa over the years of 2014 and 2015 is expected to exceed by 5%. This growth will assist economic growth in Africa resulting in one of the fastest growing regions world-wide. It is believed that medium-term growth prospects continue sturdy and will be sustained by a gradually improving world economy, reliably high commodity prices, and increased investment in regional infrastructure, trade, and business growth.
Boosted by rising investment in natural resources and infrastructure, and strong household spending, economic growth in Sub-Saharan Africa continues to rise. Growth was notably buoyant in resource-rich countries, including Sierra Leone and the Democratic Republic of Congo. It remained steady in Cote d’Ivoire, while rebounding in Mali, supported by improved political stability and security. Non-resource-rich countries, particularly Ethiopia and Rwanda, also experienced solid economic growth in 2013.
Boosted by new oil and gas discoveries in many countries such as Angola, Mozambique, and Tanzania, net foreign direct investment inflows to the region grew 16 percent to a near-record $43 billion in 2013.
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