Africa

African countries GDP growth

Economic growth in Sub-Saharan Africa (SSA) continues to rise from 4.7 percent in 2013 to a forecasted 5.2 percent in 2014. This performance is boosted by rising investment in natural resources and infrastructure, and strong household spending, according to the World Bank’s new Africa’s Pulse, a twice-yearly analysis of the issues shaping Africa’s economic prospects.

Growth was notably buoyant in resource-rich countries, including Sierra Leone and the Democratic Republic of Congo. It remained steady in Cote d’Ivoire, while rebounding in Mali, supported by improved political stability and security. Non-resource-rich countries, particularly Ethiopia and Rwanda, also experienced solid economic growth in 2013.

Capital flows to Sub-Saharan Africa continued to rise, reaching an estimated 5.3 percent of regional GDP in 2013, significantly above the developing-country average of 3.9 percent. Net foreign direct investment (FDI) inflows to the region grew 16 percent to a near-record $43 billion in 2013, boosted by new oil and gas discoveries in many countries including Angola, Mozambique, and Tanzania.

With lower international food and fuel prices, and prudent monetary policy, inflation slowed in the region, growing at an annual rate of 6.3 percent in 2013, compared with 10.7 percent a year ago. Some countries, such as Ghana and Malawi, have seen an uptick in inflation because of depreciating currencies. Remittances to the region grew 6.2 percent to $32 billion in 2013, exceeding the record of $30 billion reached in 2011. These inflows, combined with lower food prices, boosted household real incomes and spending.

Tourism also grew notably in 2013, helping to support the balance of payments of many countries in the region. According to the UN World Tourism Organization, international tourist arrivals in Sub-Saharan Africa grew by 5.2 percent in 2013, reaching a record 36 million, up from 34 million in 2012, contributing to government revenue, private incomes, and jobs.

“High-quality university programs in Africa, particularly in areas such as the applied sciences, technology, and engineering, could dramatically increase the region’s competitiveness, productivity and growth, ” says Makhtar Diop, the World Bank Group’s Vice President for Africa. Strategic reforms are needed to expand young people’s access to science-based education at both the country and the regional level, and to ensure that they graduate with cutting-edge knowledge that is relevant and meets the needs of private sector employers.”

Diop further notes that a number of African countries are now routinely among the world’s fastest-growing countries as a result of sound macroeconomic reforms in recent years and the fact that the rest of the world has steadily updated its reality of the continent as a high opportunity region for trade, investment, business, science and technology, and tourism. Poor physical infrastructure will, however, continue to limit the region’s growth potential. Significantly more infrastructure spending is needed in most countries in the region if they are to achieve a lasting transformation of their economies.”

Africa’s Pulse says that the region’s infrastructure deficit is most acute in energy and roads and that across Africa, unreliable and expensive electricity supply and poor road conditions continue to impose high costs on business and intraregional trade.

Risks to fast growth remain

Africa’s Pulse notes that while GDP growth in the region is expected to remain stronger than in many other developing countries worldwide, a number of important risks remain.

Commodity prices-weaker demand for metals and other key commodities, combined with increased supply, could lead to a shaper decline in commodity prices. In particular, if Chinese demand, which accounts for about 45 percent of total copper demand and a large share of global iron ore demand, remains weaker than in recent years and supply continues to grow robustly, copper and iron ore prices could decline more sharply, with significant negative consequences for the metal-producing countries.

Locally volatile food priceswithin Sub-Saharan Africa, strong local price pressures have emerged in a number of countries driven in part by large currency depreciations, as in Ghana and Zambia, and also by unfavorable weather conditions. In francophone West Africa, drought in 2013 resulted in crop losses of up to 50 percent in parts of the Sahel region. Larger currency depreciations and lower local harvests due to intensifying drought conditions could hurt poor buyers, and result in higher inflation. Increasing integration with larger regional markets can reduce the magnitude of the price effects from localized shocks, while lower trade barriers and better trade infrastructure would allow faster and more efficient response to localized food shortages.

Political uncertainty-domestic risks associated with social and political unrest, and emerging security problems, remain a major threat to the economic prospects of a number of countries in the region. In South Sudan, a ceasefire, signed between the conflicting sides on January 23, 2014, remains tenuous, and sporadic violence has continued to disrupt oil production. In the Central African Republic, insecurity and large-scale displacement of persons are severely disrupting economic activity and livelihoods. Also on the domestic front, upcoming national elections in several countries may slow the pace of much-needed structural reforms.

In a special analysis of the region’s growth and trade patterns in Africa the region’s countries have made substantial progress in diversifying their trading partners, ” says Francisco Ferreira, Chief Economist, World Bank Africa Region. Over the last decade, exports to emerging markets such as the BRICs—Brazil, Russia, India, China—have grown robustly, primarily due to the prolonged boom in commodities demand. The BRICs received only 9 percent of Sub-Saharan Africa’s exports in 2000 but accounted for 34 percent of total exports a decade later.”

What are analgesics? What is the meaning of market cap? What is meaning of initial? How to marinate chicken? How to beat ghost tricks with toons? What keyboard does clix use? How to do keto? What does cf mean? What is the meaning of backordered? How to air fry chicken?? What does memorandum mean? What is the meaning of ashanti? What is the meaning of downloading? What are gmos? How to make empanadas? How to squirt during sex?? How to train your dragon astrid? How you want the double c but no chanel meaning? How to cook crawfish?? How conservative media tricks? How much does it cost to dye the tips of your hair in provo? What does buenos noches mean? How to move rows in excel?? What is uber x mean? How to teach a shih tzu tricks? What is the meaning of old soul? What time does smart & final close? What does repetitive mean? What is the meaning of lrti? How to get rid of bloated stomach? What is the dow? What is the meaning of pessimist? How to open a car door without a key?? What does winky mean? Best tips when playing live poker tournaments? How to air fry salmon? What position does giannis play? How to find deleted contacts on iphone? How to tell if mushrooms are bad?? What does demure mean? Who has the most hat tricks in the nhl 2018-2019? What is the meaning of the purple evil eye? How to find perimeter of a triangle? What is the capital of montana? What does nowl mean? How to change snooze time on iphone? What does crossover mean? What are the constellations? How to start a blog and make money? What does it mean when you start your period early? Tips on how to excersise your penile? How to remove nail polish? What does oe mean on lg washer? What is the meaning of godspeed? What is a pct? How to connect ps4 controller to ps4?? How to gwt nerve feeling on the tips of your finger after injury? What does ms do to your body? What i am looking at tips? What does a snake bite look like pictures? What is the meaning of eraserhead? What does gaijin mean? What does a backward flag mean? How to backup driving tips? What language does china speak? What are the 7 stages of dementia? What does baste in sewing mean? Retrieved from https://videoconverter.iskysoft.com/video-tips/what-is-mp4.html? Why does my exhaust tips have vents? Who made it mandatory for taxing waitresses on 10% tips? How to tighten eyelid skin without surgery? How to hook up generator to house? What is the first letter in an eight letter word meaning "wealthy? How to do beginner magic tricks? What coronavirus variants mean? What does joint venture mean? What does se mean on a car? What does metro mean? How to pick pineapple?? What is the meaning of the poem mother to son? What time is it in cancun? How to stop unwanted calls on cell phone? What is the meaning of lithium by nirvana? What is an ssd linus tech tips? How to check internet speed?? What does low hemoglobin mean? What are porter's five forces? How your taxes tax tips? What does the monster logo mean? What does high platelets mean? How to zip a file?? What channel is the yankee game on? What is 222 angel meaning? What is 5g meaning? How to play never have i ever?? What does pcr test mean? What is emancipated mean? How to pronounce entrepreneur?? Tips on how to use foundation that is too light? What does r&d mean? What time does the post office close on saturday? How to get rid of mucus in chest?? What is tips finance? What is the meaning of groundhog day? What is linus tech tips laptop? What chemical tricks the brain from getting sick from sugar? What does wistful mean? Why is the tips of my grass brown? How to find mean in math? Why didnt jedi mind tricks work on watto? What does my country right or wrong meaning persona 5? How to get out of a toxic relationship? What does recon mean? What is the meaning of acrimonious? What is ul listed meaning? How to write a script?? What is the spiritual meaning of elephants? What do you glue pool cue tips with? What aura colors mean? How to free up disk space?? What is svt? What are baseballs made of? How to sleep with neck pain? What does predator mean? What does profit margin mean? What does city mean? How to eat shrooms? What a timing meaning? What does pineapple and cranberry juice do for you sexually? Tips and tricks on how to clip nails ladies? How to make end portal?? What is cohesion? What's it called when your mind plays tricks on you? How to plant asparagus? How to cuddle? How to milk prostate?? What does debug mean? What does tosser mean? What is the meaning of the movie us? What does historical context mean? What are sones? Which statement best represents the syntactic meaning of love as physical affection?? What is the meaning of 1437? What yoyo to get for tricks? What does rain check mean? What channels are free with amazon prime?? What does rsvp? How to grill steak tips on gas grill? How much does waitress at bob evans make in tips? What is marriage meaning? What is nonbinary? How to return something to amazon?? What does savor mean? What is the meaning of the name lucy? How to lose weight quickly? How to get the sensor tips of electrophysiology (ep) catheters? Hi how are you meaning? How to identify skate tricks? What causes brown tips on arborvitae? How to adc. kiting tips? How to calculate era? Where to buy steak tips near me? How to tame cats in minecraft? What bones are safe for dogs? What dose cunt mean? What station to listen to for investment tips gta 5? How to get rid of cold sores?? How to do card tricks with a regular deck of cards? How to install a prehung door? Tips on how to quit cocain? How to change color in photoshop?? What are the benefits of drinking green tea? How to land flip tricks? How to make brownies?? Tips on how to keep car clean? What does funky mean? What level does akk dog learn tricks? What does line dry mean? When we linking meaning? What does it mean to be exclusive? When the winds of change blow proverb meaning? What does strep throat look like? What does dos stand for? What is counter depth refrigerator? What does rsvp mean on an invitation? Tricks to not cry when cutting onions? What does dka mean? What lightsaber should i get if i want to do tricks? What is the biblical meaning of forgiveness?? What is hail? What does the nervous system do? What are the symptoms of a migraine? What is the meaning of a lip piercing? What does 11:11 mean in the bible? What does the number 10 mean? What does red tide mean? How to gain weight healthy? What does ttm? Tips for when u go to get a job application? How to cite? What are rip tips? What does ha mean? What does uttering mean? What does tcu stand for? How to get rid of dandelions?? How to make a tom collins?? What does food stamps cover? What does it mean when a dog howls? What does plan b do to your body? What does recruiting mean? How to graph an inequality? 31 tips on how to straighgen your spine? How to treat ptsd? How to apply eyeshadow tips? What does wtw mean? What is the meaning of lynda? What is agile methodology? How to compliment a guy? What time does the preakness run? What causea tips of a peace lily to turn brown? Which choice best defines a word's connotative meaning? How to high kill rounds and still win tip and tricks? Which archetypal meaning is usually associated with a rising sun?? What is the meaning of anthology? What do you do when life has no meaning? What does benevolent mean? How to perform dirty tricks tomb raider? What is the meaning of metabolism? What does low data mode mean? Tips when busking? What do the numbers 420 mean? Player unknown battlegrounds how to do tricks on bike control? What is pulmonary hypertension? Tips on how to photograph environmental pollution? How to kiss a gurl?? Spca tips on how to care for pets in hurricane? What is the meaning of narcissist? How much do waitresses make before tips? What does kiss and cry mean? What does maybe mean? How to french braid hair?? What is the meaning of federal limits apply? How to do easy pencil tricks? What is the meaning of the root word dict? How to write a song lyrics?? What is the meaning of protesters? What does it mean when a deer stares at you? How to reconnect apple watch? How do you do special tricks on your horse's back after a race in alicia online? How to open a locker lock?? How to watch peacock tv? How to bet on dog racing tips? What does zachary mean? What are ear tubes? What percent does mercari take? How to get rid of varicose veins?? What is the meaning of mfg date? What are microns? What would be some start up tips for investors? What you can do to prevent falls safety tips? What does discourage mean? How to cook cauliflower? What island is honolulu on? How to do cool tricks with a hula hoop? How to set up voicemail on iphone 13? How to prevent pregnancy?
Source: www.worldbank.org
RELATED VIDEO
Real Black African Country Takes #1 Richest Spot
Real Black African Country Takes #1 Richest Spot
Recent strikes impacted negatively on economic growth: GDP
Recent strikes impacted negatively on economic growth: GDP
Ebola kills economic growth in West Africa countries
Ebola kills economic growth in West Africa countries
RELATED FACTS
Share this Post

Related posts

African countries GDP per capita

African countries GDP per capita

DECEMBER 03, 2022

OVER the last few decades, Africa’s failure to achieve rapid growth has puzzled economists. GDP statistics clearly show that…

Read More
Africa countries GDP

Africa countries GDP

DECEMBER 03, 2022

Many documentaries have been made, some of them regarding Africa as the poorest continent. However, it is worth noting that…

Read More