ABIDJAN: The report on Africa’s Economic Prospects, published on Monday by the Organization for Cooperation and Economic Development (OCED), says that the continent’s Gross Domestic Product (GDP) will grow 4.5 percent.
The report, presented in this city, adds that such a short-term increase will result for a rise in domestic consumption, because exports are still low due to the global economic crisis. Individuals’ consumption has increased since last year, as a result of a growing middle class and heavy investments by the public sector in infrastructure, explains the report, adding that agriculture, the extracting industries, construction and services will be the main economic engines in Africa, where manufacture still has a limited influence. Growth will vary substantially by regions, as Eastern Africa will expand 5.6 percent, Central Africa 5.5 percent and Western Africa 5 percent, while the Sahel region will grow 4.5 percent and Southern Africa 3.1 percent.
The OCED, the African Development Bank and the United Nations Development Program (UNDP) predict a gradual economic growth in Africa that will be more moderate if the world economy and raw material prices remain at the current levels.
