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Forecast suggests African economy to grow, though challenged by instability, global recession
JOHANNESBURG (AP) ¯¯¯ A leading economist says Africa will continue its economic growth into the next year, though it is threatened by continued political instability, youth unemployment and the global recession.
Mthuli Ncube of the African Development Bank said Tuesday that he expects 4.5 percent growth across Africa in 2012 and 4.8 percent growth in 2013. Ncube said growth in sub-Saharan Africa, excluding South Africa, would grow at an even faster pace in that time.
However, Ncube warned political instability and youth unemployment remains major problems in Africa. He said the global recession also will be hurting economies across Africa as trade and tourism remains slow from Europe. He said remittances ¯¯¯ money sent back from those living abroad ¯¯¯ also could be affected by the slowdown.