According to the latest World Bank ‘Africa’s Pulse’, Sub-Saharan Africa is expected to grow at 4.8% in 2012, broadly changed from the 4.9% growth rate in 2011.
Despite setbacks in the global economy and continuing market instability stemming from the Euro zone crisis and the occurrence of economic slow down in some of the largest developing countries, such as China and Japan, Sub-Saharan Africa has been displaying a stable and robust economy.
African exports rebounded, notably in the first quarter of 2012, growing at an annualized pace of 32%, up from the 11% pace recorded in the last quarter of 2011.
“A third of African countries will grow at or above 6 percent, with some of the fastest ones buoyed by new mineral exports such as iron ore in Sierra Leone and uranium and oil in Niger, and by factors such as the return to peace in Cote d’Ivoire, as well as strong growth in countries such as Ethiopia”, the World Bank Vice-President for Africa, Makhtar Diop stated.
He continued: “An important indicator of how Africa is on the move is that investor interest in the region remains strong, with $31 billion in foreign direct investment (FDI) inflows expected this year, despite difficult global conditions”.
However, with the global economy still in fragile condition, ‘Africa’s Pulse’ warned that “Africa’s strong growth rates could yet be vulnerable to deteriorating market conditions in the Europe zone.”