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A Hopeful Report about Africa's Economy

    2014/8/21
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    From VOA Learning English, this is the Economics Report.

    Last week, we reported that international economists released a hopeful report about Africa's economy. The African Development Bank, the United Nations Development Program and the OECD Development Center wrote the report.


    The Africa Development Bank Community Agriculture Infrastructure Improvement Project reduced transport costs and helped farmers earn higher incomes form agricultural commodities. (Photo: AfDB)

    It says economic growth on the continent is expected to increase by as much as 5 or 6 percent over the next two years. That would be the continent's highest growth rate since the worldwide economic recession in 2009. Economic experts say governments have established policies that are inviting to foreign investors. The report says that will fuel the expected growth.

    Ethiopia grew at a rate of almost 10 percent, the highest in East Africa. Economists believe Tanzania, Uganda and Rwanda will have growth rates of between 6.5 percent and 7.5 percent from agriculture, industry and services. Kenya's financial services and communication technology industries are expected to drive a growth rate of 6 percent.

    Economists expect 7 percent growth in West Africa's economy in the next two years. They say oil continues to be a major source of income, but that other industries are also important. Growth in Nigeria is coming from agriculture, trade and information and communications technology. Manufacturing is helping Ghana grow. Sierra Leone is the fastest growing country in the area because of its iron ore exports, as well as its agriculture and building industries.

    In Southern Africa, Angola, Mozambique and Zambia are expected to grow between 5 and 7 percent. Labor problems and weak foreign export markets have affected growth in South Africa. But that country is still expected to grow almost 3 percent over the next two years.
     
    Angela Lusigi is an economist and policy adviser for the Regional Bureau for Africa in the U. N. Development Program.

    "Now the next step is how to translate this stable macroeconomic framework into inclusive growth that touches the lives of people – because one of things is we are seeing a lot of inequality still. So as much as we are talking about girls, we have to see how that growth can impact all people, not just one group of people," said Lusigi.

    And that's VOA Learning English Economics Report. I'm Mario Ritter.