Africa's GDP growth could reach 7 pct in 2011
22-Feb-2010Africa's real gross domestic product growth could reach about 7 percent in 2011 from a forecast of about 5.5 percent growth for 2010, the president of the African Development Bank (AfDB) said on Sunday.
"When we look at this year 2010, I totally concur with the numbers from the International Monetary Fund... (of) around 5.5 percent of real GDP growth and going into 2011, perhaps 1.5 percent more," AfDB president Donald Kaberuka said.
Kaberuka was speaking at the AfDB's Committee of 10 (C10) meeting. The C10, consisting of African finance ministers and central bank governors, was formed to develop an African response to the global financial crisis after a meeting in November 2008.
He told journalists separately that 7 percent growth was the least that Africa needed.
"If we get 7 (percent growth) that would be very good. That is the minimum we need," Kaberuka said.
The world's poorest continent, mainly dependent on minerals and commodity exports for revenue, surprised economists by weathering the global economic crisis better than the West, where recession has curbed growth in many developed countries.
Top African economy South Africa -- which exited its first recession in 17 years last December -- together with Nigeria and Kenya, is expected to help spur Africa's recovery on the back of improved global demand.
"Africa has the potential, if the proper investments take place ... to become a new centre of demand. It can become a solution to the world's problems in the next ten years," South African Finance Minister Pravin Gordhan, who chaired the C10 meeting, told reporters.
Gordhan said future global demand would not be driven by the United States anymore, giving more scope for the untapped African market with its 1 billion people.
"Africa, India and China represent 3 billion people, that's half the world's population and you've got to take account of that at some stage," Gordhan said.
The C10 also discussing a common African approach to global warming and financing to help Africa mitigate the devastating effects climate change was expected to have on the continent.
The AfDB wanted rich nations to commit $40 billion a year in new money to help Africa tackle the consequences of global warming.
Kaberuka said he hoped funding had been set aside for Africa after global climate talks partially failed in Copenhagen in December.
"At least half of that (funding) should be administered through the African Development Bank and that would be for energy, it would be for adaptation, it would be for protected forests," he said.
Reuters
"When we look at this year 2010, I totally concur with the numbers from the International Monetary Fund... (of) around 5.5 percent of real GDP growth and going into 2011, perhaps 1.5 percent more," AfDB president Donald Kaberuka said.
Kaberuka was speaking at the AfDB's Committee of 10 (C10) meeting. The C10, consisting of African finance ministers and central bank governors, was formed to develop an African response to the global financial crisis after a meeting in November 2008.
He told journalists separately that 7 percent growth was the least that Africa needed.
"If we get 7 (percent growth) that would be very good. That is the minimum we need," Kaberuka said.
The world's poorest continent, mainly dependent on minerals and commodity exports for revenue, surprised economists by weathering the global economic crisis better than the West, where recession has curbed growth in many developed countries.
Top African economy South Africa -- which exited its first recession in 17 years last December -- together with Nigeria and Kenya, is expected to help spur Africa's recovery on the back of improved global demand.
"Africa has the potential, if the proper investments take place ... to become a new centre of demand. It can become a solution to the world's problems in the next ten years," South African Finance Minister Pravin Gordhan, who chaired the C10 meeting, told reporters.
Gordhan said future global demand would not be driven by the United States anymore, giving more scope for the untapped African market with its 1 billion people.
"Africa, India and China represent 3 billion people, that's half the world's population and you've got to take account of that at some stage," Gordhan said.
The C10 also discussing a common African approach to global warming and financing to help Africa mitigate the devastating effects climate change was expected to have on the continent.
The AfDB wanted rich nations to commit $40 billion a year in new money to help Africa tackle the consequences of global warming.
Kaberuka said he hoped funding had been set aside for Africa after global climate talks partially failed in Copenhagen in December.
"At least half of that (funding) should be administered through the African Development Bank and that would be for energy, it would be for adaptation, it would be for protected forests," he said.
Reuters