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Rebounding Africa to keep up economic reform

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Thursday, 06 May 2010

Rebounding Africa to keep up economic reform

Sub-Saharan Africa will grow by up to 4.2 percent in 2010 after expansion of 1.7 percent last year, helped by booming telecoms and commodity sectors, a senior World Bank official said on Tuesday. Earlier World Bank forecasts projected growth of 3.8 percent this year before reaching 4.6 percent in 2011. "The continent is now focused on the rebound for growth and should be posting between 3.8 to 4.2 percent in 2010," Obiageli Ezekwesili, the bank's vice president for Africa, told Reuters. But she cautioned the reform of key economic sectors would be pivotal to increasing global competitiveness and sustaining higher growth rates. "Essentially, policy reform related improvements will be the sine qua non for sustaining the growth, so every country needs to reform all important sectors of the economy," Ezekwesili said in an interview in the Ugandan capital Kampala. She said many of the region's economies would benefit from boosting private sector involvement in key sectors. "Reform your agriculture sector, reform your energy sector, reform your financial services, reform your transportation sector, deregulate certain aspects of the economy where there's lack of private sector activity and then you would really raise opportunities for growth."

Source: Africa The Good News