ADB: African economy to expand 5% this year
MENAFN - 22/02/2010
(MENAFN) The President of the African Development Bank (ADB) said that the Tunis-based lender expects the continent's economy to expand 4.5 percent to 5 percent this year, Reuters reported.
Growth is expected to be between 6 percent and 6.5 percent in 2011, the president said in Cape Town. The forecasts are more optimistic than the International Monetary Fund (IMF)'s predictions for Africa's economy to grow 4.3 percent this year and 5.3 percent in 2011.
The official was speaking at a meeting of a panel of finance-ministry and central-bank officials from 10 African countries that was set up in 2008 to consider ways of mitigating the effect of the global recession.
Funding provided by the IMF to help African countries cope with the global crisis has mainly been in the form of balance- of-payments support and hasn't compensated for a decline in tax revenue, he said.
MENAFN - 22/02/2010
(MENAFN) The President of the African Development Bank (ADB) said that the Tunis-based lender expects the continent's economy to expand 4.5 percent to 5 percent this year, Reuters reported.
Growth is expected to be between 6 percent and 6.5 percent in 2011, the president said in Cape Town. The forecasts are more optimistic than the International Monetary Fund (IMF)'s predictions for Africa's economy to grow 4.3 percent this year and 5.3 percent in 2011.
The official was speaking at a meeting of a panel of finance-ministry and central-bank officials from 10 African countries that was set up in 2008 to consider ways of mitigating the effect of the global recession.
Funding provided by the IMF to help African countries cope with the global crisis has mainly been in the form of balance- of-payments support and hasn't compensated for a decline in tax revenue, he said.