Monday, June 15, 2009
Economic outlook on Africa 2009
According to the Economic Report on Africa 2009, economic growth in Africa slowed to 5.1% in 2008, down from 6.0% in 2007. Despite the deceleration, growth remained strong in view of the the global economic slowdown as a result of the global financial turmoil. For countries like Botswana, Nigeria, Rwanda and Tanzania, factors like improved governance, institutional environments, long term planning and monitoring have boosted opportunities for private sector development and growth. As a region, Southern Africa's economic performance slowed from 6.2% in 2007 to 4.2% in 2008. Angola maintained the highest growth rate in the subregion in 2008 with 12.9%, followed by Malawi (6.6%); Botswana (6.5%); Mozambique (6.2%); Zambia (5.9%) and Namibia (3.5%). For more information on development and economic challenges in Africa, you can visit the UNECA website.