Published On: Mon, Jan 12th, 2015

Africa is the future

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The global economy seems set to strong recovery in 2015 and West African economy is poised to play vital role. In 2013, Africa maintained an average growth rate of about 4%. This compares to 3% for the global economy and underscores again the continent’s resilience to global and regional headwinds.

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West Africa recorded the fastest growth in 2013, 6% or above. Furthermore, growth in low-income countries, at 6% or above, exceeded that of upper-middle-income countries in North and Southern Africa at below 3%. Africa’s medium-term growth prospects look good. Africa’s average growth is projected to accelerate to close to 5% in 2014 and 5%-6% in 2015, thus to levels last seen before the onset of the 2009 global recession. Inflationary pressures have eased in many countries as energy
prices have stopped rising and food prices have declined.

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