Africa’s economic growth is expected to rise from 3.4 per cent in 2011 to 4.5 per cent in 2012 and to 4.8 per cent in 2013, with East Africa experiencing strong indicators, an African Development Bank official has said.
Prof Mthuli Ncube, the chief economist and vice president of the AfDB, made the remarks as he unveiled the African Economic Outlook report for 2012 in Johannesburg recently.
“Sub-Saharan Africa’s growth is expected to rise from 5.1 per cent in 2011 to 5.3 per cent in 2012 and 5.4 per cent in 2013,” the AfDB chief economist said.
“Excluding South Africa, the rest of sub-Saharan Africa grew at 5.9 per cent in 2011 and is expected to grow at 6.3 per cent in both 2012 and 2013.”
North Africa is also slowly returning to growth after falling to 0.5 per cent in 2011, owing to political volatility in the region.
However, its growth is expected to recover at 3.1 per cent in 2012 before reaching 4.0 per cent in 2013.
The continued recession in Europe remains a major threat to recovery in North Africa in the medium term.
Southern Africa
The AfDB also projected positive growth prospects in Southern Africa. The bank’s vice president said: “The region is set to grow from 3.5 per cent in 2011 to 4.4 per cent in 2012, and settle at 4.4 per cent in 2013.”
In West and Central Africa, the 2013 growth prospects will be slightly stifled. West Africa’s growth prospects are expected to fall from 6.9 per cent in 2012 to 6.4 per cent in 2013. Central Africa will be down from 4.9 per cent in 2012 to 4.8 per cent in 2013.
“Libya is expected to lead the top 10 fast-growing economies in Africa at 14.8 per cent in both 2012 and 2013,” Mr Ncube said.
Three Southern African countries are also in this list with the 2012 and 2013 growth prospects, with Mozambique and Angola expected to reach 7.7 per cent each, while Zambia will follow at 7.1 per cent.
However, Egypt, Sudan and Tunisia will lead the 10 slowest growing economies in North Africa. Egypt and Tunisia, which are still recovering from volatility, will grow at 1.8 per cent and 3.1 per cent respectively. Sudan will do better than Egypt at 2.4 per cent.
South Africa at 2.7 per cent growth in 2012 and Swaziland at 0.8 per cent, are the only two Southern African countries in the 10 slowest growing economies.
