How Decades of Sustained Growth is Transforming Africa’s Economies
WASHINGTON, October 7, 2014 – Despite a weaker than expected global economy, with a number of major countries showing mixed performances, growth prospects for Africa remain positive and the region’s GDP growth is projected to rise to 5.2% in 2015-16 and 5.3% in 2017.
These latest figures are outlined in the World Bank’s new Africa’s Pulse, the twice-yearly analysis of economic trends and the latest data on the continent.
According to Africa’s Pulse, growth in the region is supported by strong public investment in infrastructure, increased agricultural production, and a buoyant services sector. Overall, Sub-Saharan Africa is forecast to remain one of the fastest growing regions.
Across the region, there has been substantial investment in infrastructure, including in ports, electricity capacity, and transportation. Several countries have also seen a strong recovery in the agriculture sector in 2014 and expect it to continue in 2015. The expansion of the services sector led by transport, telecommunications, financial services and tourism is also spearheading overall economic growth in a number of countries.