WORLD BANK SAYS SEVEN AFRICAN COUNTRIES TO POST GROWTH RATES ABOVE 5.4 PCT

WASHINGTON D.C., The World banks says seven African countries — CAte d’Ivoire, Ethiopia, Kenya, Mali, Rwanda, Senegal, and Tanzania — have posted annual growth rates of above 5.4 percent in the 2015-2017 period.

These countries continue to exhibit economic resilience, supported by domestic demand, says the Bank in a statement issued here ahead of its annual Spring meeting, together with its sister organization, the International Monetary Fund (IMF), from Friday to Sunday.

The Bank said that together, the seven countries accounted for nearly 27 per cent of the sub-Saharan population and for 13 per cent of the region’s total gross domestic product (GDP).

In its latest bi-annual analysis of the state of African economies, the World Bank stated that the GDP growth of Ethiopia, Senegal, and Tanzania, whose economies depend less on extractive commodities, should remain robust, underpinned by infrastructure investments, resilient services sectors, and the recovery of agricultural production.

“As countries move towards fiscal adjustment, we need to protect the right conditions for investment so that sub-Saharan African countries achieve a more robust recovery, the report quoted Albert G. Zeufack, the World Bank Chief Economist for the Africa Region, as saying.

We need to implement reforms that increase the productivity of African workers and create a stable macroeconomic environment. Better and more productive jobs are instrumental to tackling poverty on the continent.

The region is showing signs of recovery, and regional growth is projected to reach 2.6 per cent in 2017. However, the recovery remains weak, with growth expected to rise only slightly above population growth, a pace which hampers efforts to boost employment and reduce poverty, the statement added.

The Bank says global economic outlook is improving and should support the recovery in Africa. The continent’s aggregate growth is expected to rise to 3.2 per cent in 2018 and 3.5 percent in 2019, reflecting a recovery in the largest economies while it will remain subdued for oil exporters.

Source: NAM NEWS NETWORK

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