African economies have shown resilience in the face of global financial adversities, have passed the stress test and can be expected to achieve economic growth this year, says Donald Kaberuka, president of the African Development Bank (AfDB).
Addressing African finance ministers April 26 in Washington, Kaberuka acknowledged that the global financial crisis has done some damage, but said African economies are expected to average 5 percent economic growth in 2010 and 6 percent growth in 2011, with some countries forecast to achieve an even higher rate.
In many African countries, he said, the crisis has “only been a setback.”
The entire continent has been subjected to a “stress test and has passed,” he told the ministers, diplomats and finance experts, many of whom were in Washington for World Bank and International Monetary Fund meetings.
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