African economy to rebound in 2017: development bank
Amid fears that the South African economy was on the brink of recession, official statistics show its economy grew by 3.3% in the second quarter of this year
Khartoum — Africa’s economic growth is expected to dip this year before rebounding in 2017 to remain the world’s second fastest growing region after east Asia, the African Development Bank said on Thursday. Africa’s growth in gross domestic product (GDP) is expected to fall to 1.9% this year from 3.6% in 2015, but it will rebound to 3.2% next year, the bank said in its 2016 economic outlook report for the continent. The rebound is expected on the back of a "recovery in the world economy and a gradual rise in commodity prices", said Abdul Kamara, Sudan representative of the bank, presenting the report in Khartoum. Despite the current slowing growth rate, the continent remained resilient. "In countries where weather conditions were favourable, agriculture boosted growth, but drought or floods slowed down growth in countries in east and southern Africa," the bank said in a statement. "In resource-rich countries, growth slowed down as lower commodity prices strained government budgets a...
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