WASHINGTON, April 15, 2013 – Economic growth in Sub-Saharan Africa is likely to reach more than 5 percent on average in 2013-2015 as a result of high commodity prices worldwide and strong consumer spending on the continent, ensuring that the region remains amongst the fastest growing in the world — according to the World Bank’s latest Africa’s Pulse, a twice-yearly analysis of the issues shaping Africa’s economic prospects.
In 2012, about a quarter of African countries grew at 7 percent or higher and a number of African countries, notably Sierra Leone, Niger, Cote d’Ivoire, Liberia, Ethiopia, Burkina Faso and Rwanda, are among the fastest growing in the world.
The new World Bank report forecasts that medium-term growth prospects remain strong and will be supported by a gradually improving world economy, consistently high commodity prices, and more investment in regional infrastructure, trade, and business growth.
Welcoming the new assessment that Africa continues to grow faster than the global average, the World Bank’s Vice President called on the need for faster progress in areas such as electricity and food in the vulnerable areas of The Sahel and the Horn of Africa, and that significantly more energy and agricultural productivity were needed to raise the quality of life for Africans throughout the continent and reduce poverty significantly.
“African countries will need to bring more electricity, nutritious food, jobs and opportunity to families and communities across the continent in order to better their lives, end extreme poverty, and promote shared prosperity,” said the World Bank’s Africa Vice President Makhtar Diop. “Without more electricity and higher agricultural productivity, Africa’s development future cannot prosper. The good news is that governments in Africa are intent on changing this.”
SOURCE: WORLDBANK