African economies will grow 4.5 percent this year and rise to 5 percent in 2016. That’s the prediction of the African Development Bank – the AfDB. It says the growth will be due to rising demands for exports, sparked by improving economic prospects worldwide.
The figures represent the highest levels since the global crisis took hold in 2007.
The AfDB estimates African economies to have grown by 3.9 percent in 2014. In the years before the economic crisis growth on the continent averaged between five and seven percent.
The highest growth is in East, West and Central Africa and lowest in North and Southern Africa the report recorded and stressed the main challenges in all regions will be to diversify and to make growth more inclusive.
Financial inflows will increase nearly seven percent to 193 billion dollars said the report supported by higher foreign direct investment and a spike in portfolio investments.