News / Economy

    Experts: Africa on Pace for 5 Percent Economic Growth

    Customers drink coffee as they read newspapers at the Tamoka coffee bar in Ethiopia's capital Addis Ababa, Sept. 16, 2013.
    Customers drink coffee as they read newspapers at the Tamoka coffee bar in Ethiopia's capital Addis Ababa, Sept. 16, 2013.
    Marthe van der Wolf
    Experts say Africa's economy is expected to grow by 4.8 percent in 2013, and exceed five percent growth in 2014.  Statistics compiled by the African Development Bank, the U.N. Development Population and the OECD Development Center indicate Libya will be the fastest growing African country, followed by Sierra Leone and Ivory Coast. 
     
    The African Economic Outlook report of the African Development Bank and its partners projects that Africa’s gross domestic product -- the measure of goods and services produced -- will grow by 5.3 percent in 2014.  

    Central and West Africa are the fastest growing regions, mainly because of their commodities.
     
    GDP Growth in AfricaGDP Growth in Africa
    x
    GDP Growth in Africa
    GDP Growth in Africa
    Anthony Simpasa of the African Development Bank said the continent's economy is on the move but that challenges still remain. “We need to take into account some of the factors that could drop back this growth.  Some of these factors are from the interventions: political, crisis, commodities prices falling in next few years if the current situation continues," he said. "But also there are some domestic conditions that countries need to take account of: good policy environment, and also judicial management on natural resources in order to force that structural transformation.”

    Despite its 2011 revolution, Libya is the fastest growing economy as post-revolution stability resulted in a quick recovery.

    Exports of commodities and agricultural products are among the drivers of Africa's growth.  But the continent faces risks from falling commodity prices, lower earnings from tourism, political uncertainty and policy reform delays.
     
    Eugene Owusu, resident representative of the UNDP, said it is also important for African countries to ensure that the people share the wealth to decrease poverty levels and increase development. “But going forward, given the magnitude of the challenge, the development challenge that this continent faces, it is absolutely important that Africa deepens its structural transformation.  What is important is capable states, what is important is effective leadership and what is important is prudent governance at all levels,” he said.

    The slowest growing African countries include fragile states such as Egypt and Equatorial Guinea. But South Africa is also on the list.  Its main trade partner is the European Union and exports have declined because of the European economic crisis.

    You May Like

    UN Observes International Day of Peacekeepers

    The U.N. honors 3,400 peacekeepers killed since first mission in 1948

    Video Rolling Thunder Tribute to US Military Turns into a Trump Rally

    Half-million motorcycles are expected to rumble Sunday afternoon from Pentagon to Vietnam War Memorial for rally in event group calls Ride for Freedom

    The Struggle With Painkillers: Treating Pain Without Feeding Addiction

    'Wonder drug' pain medications have turned out to be major problem: not only do they run high risk of addicting the user, but they can actually make patients' chronic pain worse, US CDC says

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    Chinese-Americans Heart Trump, Bucking National Trendi
    X
    May 27, 2016 5:57 AM
    A new study conducted by three Asian-American organizations shows there are three times as many Democrats as there are Republicans among Asian-American voters, and they favor Hillary Clinton over Donald Trump. But one group, called Chinese-Americans For Trump, is going against the tide and strongly supports the business tycoon. VOA’s Elizabeth Lee caught up with them at a Trump rally and reports from Anaheim, California.
    Video

    Video Chinese-Americans Heart Trump, Bucking National Trend

    A new study conducted by three Asian-American organizations shows there are three times as many Democrats as there are Republicans among Asian-American voters, and they favor Hillary Clinton over Donald Trump. But one group, called Chinese-Americans For Trump, is going against the tide and strongly supports the business tycoon. VOA’s Elizabeth Lee caught up with them at a Trump rally and reports from Anaheim, California.
    Video

    Video Reactions to Trump's Success Polarized Abroad

    What seemed impossible less than a year ago is now almost a certainty. New York real estate mogul Donald Trump has won the number of delegates needed to secure the Republican presidential nomination. The prospect has sparked as much controversy abroad as it has in the United States. Zlatica Hoke has more.
    Video

    Video Drawings by Children in Hiroshima Show Hope and Peace

    On Friday, President Barack Obama will visit Hiroshima, Japan, the first American president to do so while in office. In August 1945, the United States dropped an atomic bomb on the city to force Japan's surrender in World War II. Although their city lay in ruins, some Hiroshima schoolchildren drew pictures of hope and peace. The former students and their drawings are now part of a documentary called “Pictures from a Hiroshima Schoolyard.” VOA's Deborah Block has the story.
    Video

    Video Vietnamese Rapper Performs for Obama

    A prominent young Vietnamese artist told President Obama said she faced roadblocks as a woman rapper, and asked the president about government support for the arts. He asked her to rap, and he even offered to provide a base beat for her. Watch what happened.
    Video

    Video Roots Run Deep for Tunisia's Dwindling Jewish Community

    This week, hundreds of Jewish pilgrims are defying terrorist threats to celebrate an ancient religious festival on the Tunisian island of Djerba. The festivities cast a spotlight on North Africa's once-vibrant Jewish population that has all but died out in recent decades. Despite rising threats of militant Islam and the country's battered economy, one of the Arab world's last Jewish communities is staying put and nurturing a new generation. VOA’s Lisa Bryant reports.
    Video

    Video Meet Your New Co-Worker: The Robot

    Increasing numbers of robots are joining the workforce, as companies scale back and more processes become automated. The latest robots are flexible and collaborative, built to work alongside humans as opposed to replacing them. VOA’s Tina Trinh looks at the next generation of automated employees helping out their human colleagues.
    Video

    Video Wheelchair Technology in Tune With Times

    Technologies for the disabled, including wheelchair technology, are advancing just as quickly as everything else in the digital age. Two new advances in wheelchairs offer improved control and a more comfortable fit. VOA's George Putic reports.
    Video

    Video Baby Boxes Offer Safe Haven for Unwanted Children

    No one knows exactly how many babies are abandoned worldwide each year. The statistic is a difficult one to determine because it is illegal in most places. Therefore unwanted babies are often hidden and left to die. But as Erika Celeste reports from Woodburn, Indiana, a new program hopes to make surrendering infants safer for everyone.
    Video

    Video California Celebration Showcases Local Wines, Balloons

    Communities in the U.S. often hold festivals to show what makes them special. In California, for example, farmers near Fresno celebrate their figs and those around Gilmore showcase their garlic. Mike O'Sullivan reports that the wine-producing region of Temecula offers local vintages in an annual festival where rides on hot-air balloons add to the excitement.
    Video

    Video US Elementary School Offers Living Science Lessons

    Zero is not a good score on a test at school. But Discovery Elementary is proud of its “net zero” rating. Net zero describes a building in which the amount of energy provided by on-site renewable sources equals the amount of energy the building uses. As Faiza Elmasry tells us, the innovative features in the building turn the school into a teaching tool, where kids can't help but learn about science and sustainability. Faith Lapidus narrates.

    Special Report

    Adrift The Invisible African Diaspora

    World Currencies

    EUR
    USD
    0.8954
    JPY
    USD
    109.65
    GBP
    USD
    0.6827
    CAD
    USD
    1.3037
    INR
    USD
    67.037

    Rates may not be current.