Africa Beats Global Downturn

Africa is now one of the fastest growing regions in the world, with a projected overall growth rate of more than 4 per cent this year, according to the African Development Bank.

According to AfDB estimates, almost all African countries are expected to experience higher growth in 2010 than in 2009, with the highest average growth in eastern African countries.

“If the world economy and world trade continue to recover, and oil and non-oil commodity prices remain close to current levels, the outlook for continuing growth in 2010 is extremely promising, progressing towards the almost 6 percent rate of the pre-crisis period,” says Léonce Ndikumana, PhD, an economist and AfDB’s Director of Research.

“With an increasing number of investors willing to take advantage of countless opportunities in Africa and a fast-growing middle class, the contemporary African landscape is not dissimilar from that of Asia a few decades ago