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Tuesday, 24 July 2012

Africa to be the next growth frontier

According to the South Africa’s Trade and  Industry Minister, Rob Davies, the world has started to recognise Africa as the  next growth frontier. Mr.  Davies says Africa still faces the  challenge of turning the growth  spirit experienced in recent  years — and which the continent  continues to experience — into a  sustained development effort.
He recalls that “the average rate of  growth in the African continent  this year is predicted by the  International Monetary Fund to  reach 5,5%”. Speaking of China, he underlines that  the country  has been at the forefront of the shift in the locus of  dynamism in the world economy : “Even though  growth forecasts for the People’s  Republic of China have been tempered in recent times, China remains the main hope for avoiding  contagion from the European crisis becoming a global recession”.


Source: Businesslive