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GDP growth in the ‘continent of hope’ is expected to increase 5.6 per cent in 2013, among the fastest rates in the world.
The South African economy is forecast to grow at 3.3 per cent next year.
2013 is forecast to oversee an economic resurgence in South Africa – the gateway to Africa.
South African economy is slated to push sub-Saharan growth to around 6.1 per cent, faster than first thought.
Among the resource rich economies, Nigeria is expected to grow at 7.2 per cent and Mozambique at 8.4 per cent.
However, eurozone risks could dampen potential growth in the region, warned the IMF.
“The main risks to the outlook for sub-Saharan Africa stem from the external environment, although domestic security and political risks should not be discounted,” the report stated.
“Given the still-uncertain global environment, countries whose policy buffers are thin and where growth is strong should seek to rebuild fiscal position.”
The World Bank also endorses the IMF figures on Africa’s growth-charged future.
According to a latest World Bank report, Sub-Saharan Africa’s economic growth rate should accelerate past five per cent by next year outpacing the current global average.
The BRICS Post