{"id":9280,"date":"2020-01-31T09:30:00","date_gmt":"2020-01-31T08:30:00","guid":{"rendered":"https:\/\/www.ecomnewsmed.com\/afrique\/2020\/01\/31\/africas-economy-forecast-to-grow-despite-external-shocks\/"},"modified":"2020-01-31T09:30:00","modified_gmt":"2020-01-31T08:30:00","slug":"africas-economy-forecast-to-grow-despite-external-shocks","status":"publish","type":"news","link":"https:\/\/ecomnewsafrique.com\/en\/2020\/01\/31\/africas-economy-forecast-to-grow-despite-external-shocks\/","title":{"rendered":"Africa\u2019s economy forecast to grow despite external shocks"},"content":"The slower than expected growth is partly due to the moderate expansion of the continent\u2019s \u201cbig five\u201d \u2014 Algeria, Egypt, Morocco, Nigeria, and South Africa \u2013 whose joint growth was an average rate of 3.1 percent, compared with the average of 4.0 percent for the rest of the continent.\nThe Bank\u2019s flagship publication, published annually since 2003, provides headline numbers on Africa\u2019s economic performance and outlook. The 2020 edition, launched at the Bank\u2019s Abidjan headquarters, was attended by former Liberian president Ellen Johnson Sirleaf, African ministers, diplomats, researchers, and representatives of various international bodies.\nJohnson Sirleaf commended the Bank for upholding the confidence of the people of the continent \u201c\u2026 because we trust you. As simple as that. Because we trust you to share our vision. We trust you to understand our limitations.\u201d\nReferring to Africa\u2019s fastest-growing economies, she said, \u201cThere are stars among us\u2026and we want to applaud them. We want to see more, particularly for countries like mine, which have been left behind, so that more can be done to give them the support that they need.\u201d\nIn 2019, for the first time in a decade, investment expenditure, rather than consumption, accounted for over 50% of GDP growth. This shift can help sustain and potentially accelerate future growth in Africa, increase the continent\u2019s current and future productive base, while improving productivity of the workforce. \nOverall, the forecast described the continent\u2019s growth fundamentals as improved, driven by a gradual shift toward investments and net exports, and away from private consumption.\nEast Africa maintained its lead as the continent\u2019s fastest-growing region, with average growth estimated at 5.0 percent in 2019; North Africa was the second fastest, at 4.1 percent, while West Africa\u2019s growth rose to 3.7 percent in 2019, up from 3.4 percent the year before.\nCentral Africa grew at 3.2 percent in 2019, up from 2.7 percent in 2018, while Southern Africa\u2019s growth slowed considerably over the same period, from 1.2 percent to 0.7 percent, dragged down by the devastating cyclones Idai and Kenneth.\n","author":15,"featured_media":9281,"comment_status":"open","ping_status":"open","template":"","tags":[],"location":[505],"class_list":["post-9280","news","type-news","status-publish","has-post-thumbnail","hentry","location-africa"],"short_url":"https:\/\/bit.ly\/3nOYBwf","have_related_news":null,"chapo":"Africa\u2019s economic growth remained stable in 2019 at 3.4 percent and is on course to pick up to 3.9 percent in 2020 and 4.1 percent in 2021, the African Development Bank\u2019s 2020 African Economic Outlook (AEO) revealed Thursday.","media":{"src":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/sites\/4\/2020\/10\/83518330_2219408635034921_5457154075856470016_n-1-550x360.jpg","srcset":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/sites\/4\/2020\/10\/83518330_2219408635034921_5457154075856470016_n-1-550x360.jpg 550w","sizes":"550px","alt":"","width":550,"height":360,"ratio":1.05,"credit_photo":""},"media-news-header":{"src":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/sites\/4\/2020\/10\/83518330_2219408635034921_5457154075856470016_n-1.jpg","srcset":"https:\/\/www.ecomnewsmed.com\/app\/uploads\/sites\/4\/2020\/10\/83518330_2219408635034921_5457154075856470016_n-1.jpg 1170w","sizes":"1170px","alt":"","width":1170,"height":658,"ratio":1.05,"credit_photo":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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