News / Africa

IMF Predicts Economic Progress in Sub-Saharan Africa

TEXT SIZE - +

The International Monetary Fund says the rate of economic growth in Sub-Saharan Africa is expected to rise slightly next year.

In a regional outlook report released Wednesday, the IMF predicted the growth rate will rise from more than 5 percent this year to nearly 6 percent in 2012.

The IMF said that overall, low-income countries in Africa have faired well in the face of the global economic downturn but said the impact has been uneven.

The fund said poor households have been hard hit by rising food and fuel prices, and noted the Horn of Africa has been devastated by the region's drought and famine.

The IMF predicted lower economic growth of 3.5 percent for Africa's largest economy, South Africa, where it said unemployment remains "stubbornly" high.

However, the fund said the continent's top oil-producing countries, which include Nigeria and Angola, have reaped benefits from high oil prices. The economies in those countries are expected to grow by about 7.5 percent this year.

You May Like

Video Star Trek Influence Lives Long and Prospers

As new movie thrills, many are once again discussing the iconic franchise's influence on society, science and technology More

OECD: Developing Green Cities Key to Sustainable Future

OECD suggests strategies to mitigate rapid growth, industrialization in urban centers, which produce about two-thirds of greenhouse gas emissions More

Video Safe Rooms Saved Lives in Tornado Disaster

Safety experts say more safe rooms are needed in areas where tornadoes frequently strike More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Video

Video Volunteers Help Revive LA's Concrete River

The Los Angeles River is a concrete drainage channel through much of its 80-kilometer length. It channels waste-water from storm drains and has become a receptacle for much of the city's trash. But as Mike O'Sullivan reports, the river is slowly being restored with the help of volunteers, who take part in an annual clean-up.