Economic growth in Africa to rise, average 4.8 Pct this year
20 May 2014, 08:21
Nairobi - Growth in African economies is set to accelerate to 4.8 percent on average this year while financial flows into the continent will top $200 billion, or quadruple levels seen in 2000, the African Development Bank said on Monday.
"Africa's medium-term growth prospects have improved on the back of broader political and social stability at home and recovering economic conditions abroad," the bank (AfDB) said in its annual African Economic Outlook report.
It forecast economic growth across the continent would reach 5.7 percent on average in 2015. That would compare with 3.9 percent last year.
Sub-Saharan economies will outperform upper-middle-income nations in North Africa to average growth of 5.8 percent this year, it said.
The continent, however, was still facing some major challenges including armed conflict in some nations.
"Peace and security breakdowns in the Central African Republic and South Sudan have resulted in the tragic loss of lives and livelihoods," the Tunis-based bank said.
"A strong commitment from Africa and the international community is required to help address these crises."
AfDB said the manufacturing and services sectors would top the list for foreign investment into Africa this year.