ADDIS ABABA Ethiopia (Xinhua)
-- Projecting Africa’s
aggregate growth and domestic product (GDP) to grow at
3.5 percent in 2018, and 3.7 percent in 2019, a new UN
report reiterates that East Africa remains
fastest-growing sub-region on the continent.
Economic Situation and Prospects (WESP) report launched
on Tuesday at the UN Economic Commission for Africa (UNECA)
in Addis Ababa, Ethiopia, states that Africa is expected
to see stronger growth in 2018 and 2019.
It calls for
renewed efforts to decrease over-reliance on commodity
revenues through economic diversification and structural
growth of 5.3 percent in 2017, the East African
sub-region is expected to grow by about 6 percent in
2018 and 2019, says the report.
press on the report, Khaled Hussein, Chief of
Forecasting Section Macroeconomic Policy Division of the
UNECA, said the growth in the sub-region is facilitated
by large infrastructure investments and the expansion of
is projected to stabilize at 4.1 percent in 2018 and
2019, after reaching 4.8 percent in 2017, as a result of
firmer commodity prices, further improvement in the
security situation and continuing economic recovery in
will continue its growth recovery, from 2.4 percent in
2017 to 3.3 percent in 2018, as oil prices rise and oil
production gradually increases in Nigeria, easing fiscal
and foreign exchange pressures.
other west African countries, including Cote d’Ivoire,
Ghana and Senegal, are expected to continue a path of
strong growth supported by robust spending on
infrastructure, higher investor confidence and
improvements in the business climate.
projects growth in South Africa to improve but remain
the growth of 1.2 percent in 2017, GDP in the Southern
African sub-region is projected to expand by 2.3 percent
in 2018 and 2.5 percent in 2019.
Africa, net exports will rebound with the moderate
recovery in the agriculture and mining sectors. Growth
will, however, remain relatively subdued amid heightened
higher oil prices, growth in Central Africa is estimated
to rebound from 0.7 percent in 2017 to 2.1 percent in
2018. Insecurity and relatively low commodity prices
weigh on prospects for the area.
notes that several central banks in Africa decreased
policy rates in 2017 amid moderately easing inflationary
impacts of large currency depreciations subside,
inflation is projected to decrease in 2018-2019.
However, inflation in many African countries remains
high relative to the rest of the world.
in human capital as well as efforts to strengthen
governance and institutions are needed. Importantly,
acute malnutrition in conflict-affected areas must be
urgently addressed, emphasizes the report.