Metal workers in South Africa resolved a protracted industrial strike. The employers made complaints on the purported militantcy and violence that had been carried out during the work stoppages throughout the country., a photo by Pan-African News Wire File Photos on Flickr.
IMF cuts sub-Saharan Africa growth forecasts
By Our Reporter
Nigerian Nation
Sub-Saharan Africa‘s economies will expand at a slower rate this year than earlier projected, undermined by global financial distress and a sluggish recovery in South Africa, the International Monetary Fund (IMF) said on yesterday.
Africa’s growth has remained above five per cent in the last eight years, underpinned by strong prices for its natural resources, better governance and growing disposable incomes.
In its latest Regional Economic Outlook, the IMF forecast 5.4 per cent growth this year from 5.1 per cent in 2011. Its previous projections were 5.9 and 5.5 per cent.
"The growth outlook for 2012 is somewhat less favourable than outlined in the October 2011 Regional Economic Outlook, with the growth projection for 2012 now cut by almost one-half a percentage point, driven in large part by the weaker economic outlook for South Africa," the IMF said.
Growth in Africa’s economic powerhouse was likely to be a relatively modest 2.7 per cent this year and 3.4 per cent in the next, held back by its reliance on trade with Europe and close links with western financial markets, the Fund said.
However, an upturn in drought-hit east Africa, fresh output in new natural resource producers such as Niger and Sierra Leone and recovery in post-conflict nations such as Ivory Coast should help boost the continent’s economic activity in 2012.
Sierra Leone and Niger could post outstanding growth of 35.9 and 14 per cent. Big oil-producers Nigeria and Angola will also be major drivers of the expansion.
No comments:
Post a Comment