Africa coming through crisis well: IMF

22:13, April 21, 2010      

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Africa is coming through the global crisis well with an expected economic growth of 4.7 percent in 2010, said the International Monetary Fund (IMF) on Wednesday.

"Sub-Saharan Africa has weathered the global crisis well, and its recovery from the slowdown in 2009 is expected to be stronger than following past global downturns... Its growth is projected to accelerate to 4.75 percent this year and to 6 percent in 2011," said the IMF in its latest World Economic Outlook report.

According to the report, the region's quick recovery reflects the relatively limited integration of most low-income economies into the global economy and the limited impact on their terms of trade, the rapid normalization in global trade and commodity prices, and the use of countercyclical fiscal policies.

In South Africa, the biggest economy in the region, its economic growth is projected to 2.5 in 2010 and 3.5 in 2011. South Africa's growth "will be tempered by high unemployment, tight credit conditions, and the recent strength of the rand," said the IMF.

In the report, the IMF said "the global recovery has evolved better than expected, with activity recovering at varying speeds, tepidly in many advanced economies but solidly in most emerging and developing economies."

The world economy, which declined by 0.6 percent in 2009, will recover gradually in 2010 and 2011, growing by 4.2 percent and 4.3 percent respectively, said the IMF.

Source: Xinhua


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