AfDB predicts 5.8% growth for Africa in 2014

The African Development Bank (AfDB) has said growth in the Sub Saharan Africa is projected to reach 5.8 per cent in 2014 while the continent as a whole is expected to grow at between 5 per cent and 6 percent in 2015-a level maintained before the 2009 global recession.

The Bank stated in its African Economic Outlook (AEO) 2014 which was launched yesterday in Abuja that the East and West Africa achieved the fastest growth rate of more than 6 per cent in 2013.
It added that there had been steadily progressing economic and social conditions for immediate future prospects for the continent.

The report noted that though economic growth varied widely across the continent reflecting differences in stages of development, availability of natural resources, weather conditions as well as political and social stability, in particular, West Africa is expected to continue its rapid growth to more than 7 per cent in 2014 and 2015.

[This Day]

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