What is driving economic growth in Africa?

What is driving economic growth in Africa?

So non-commodity price factors—such as investment, infrastructure, trade, sound macroeconomic management, improvement in governance, relative peace, and prudent fiscal policies—are important drivers of growth. 4 The econometric evidence discussed below corroborates this conclusion.

Which is Africa’s fastest growing economy?

Morocco, Kenya and Ghana to be the fastest-growing major economies in Africa in 2021, says GlobalData – GlobalData.

What was the GDP growth rate in Africa in 2013?

As indicated by figure 1, in 2013 and 2014 Africa’s GDP is projected to grow by as much as 4.8% and 5.3%, respectively. The favorable mid-term economic outlook for Africa will be mainly driven by improvement of global economic outlook and enhanced macroeconomic stability in African countries.

What is the current economic performance of Africa?

This year’s African Economic Outlook from the African Development Bank shows that the continent’s general economic performance continues to improve. Gross domestic product reached an estimated 3.5 percent in 2018, about the same as in 2017 and up from 2.1 percent in 2016.

What is the African Economic Outlook for 2021?

African Economic Outlook 2021 The 2021 edition of the African Economic Outlook focuses on debt resolution, governance, and growth in Africa. Chapter 1 examines Africa’s growth performance and outlook amid the COVID–19 pandemic. The chapter emphasizes policy options to mitigate the effects of the pandemic in the short, medium, and long terms.

What are the main economic drivers in Central Africa?

The Central African economies are also poised for high growth with average rates expected at 5.7% and 5.4% in 2013 and 2014, respectively. Natural resources including oil, minerals, and agriculture as well as the construction sector will be the main drivers of Central African economies in the next two years.