The World Bank has projected an average growth rate of 6.5 percent for countries in sub-Saharan Africa over the next three years, Mr. Allen Dennis, a Senior Economist, at the Bank announced in Accra, Ghana.
Presenting the findings of its June 2011 edition of Global Economic Prospects, Mr Dennis said the growth is expected to be influenced largely by external and domestic factors such as the rebound in global commodity prices, the increasing influence and contribution of the services sectors such as telecommunication and retail in most countries.
Map of Africa
The African continent, Mr Dennis noted, had seen robust consumer demand in 2010 supported by increased farmer incomes and access to consumer credit as well as growth from the extractive sectors.
Growth in the medium term, he said, was likely to remain strong because of increasing business confidence in the region.
On country specific developments, Mr Dennis said on Ghana, the report sees for instance oil exports boosting real GDP growth to about 13.4 percent in 2011 with the nascent oil industry leading the growth over the medium term.
In Tanzania, which is forecast to grow at 6.5 percent this year, Mr Dennis said growth prospects remained strong and would be buoyed by higher exports, increased tourist arrivals and increased trade and investment flows.
Mali, he noted, would continue on its robust growth path driven by developments in the agricultural sector, new mining projects and increased construction activity but which must be supported by a stable macroeconomic environment. Mali’s real GDP is projected at 5.8 per cent over its 2011-2013 forecast horizon.
Mr Andrews Burns, Manager of Global Macroeconomics and lead author of the report, said developing countries needed to focus on tackling country-specific challenges such as achieving balanced growth through structural reforms, coping with inflationary pressures, and dealing with high commodity prices.
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