Boris Johnson describes Mohammed bin Salman as a brave and successful leader    Trump praises Saudi Arabia's role in diplomacy and economic growth at FII Miami    Saudi Arabia's Al-Moqbel appointed WTO General Council president for 2025–2026    Putin thanks Saudi leadership for hosting US – Russia talks    Madinah Chamber of Commerce and Canadian delegation explore investment opportunities    Saudi Media Forum panel highlights Kingdom's vision beyond 2034 World Cup    AlUla Arts Festival 2025 wraps up with a vibrant closing weekend    British Army 'absolutely ready' if ordered to deploy to Ukraine    New York governor weighs Eric Adams' fate after scandals    Japan to increase reliance on nuclear energy in post-Fukushima shift    Russia frees US national held on drug charges    Minister of Media: Saudi Arabia is transforming into an open global laboratory for big ideas Over 2000 delegates attend 4th edition of Saudi Media Forum that kicks off in Riyadh    Al-Ettifaq's Moussa Dembélé undergoes surgery, misses rest of the season    Al Hilal secures top spot in AFC Champions League Elite, set to face Pakhtakor in Round of 16    Saudi Aramco Chief: Jafurah gas field expected to contribute $23 billion annually to GDP    'Real life Squid Game': Kim Sae-ron's death exposes Korea's celebrity culture    Civil Defense warns of thunderstorms in most Saudi regions until Thursday    Al Ahli defeat Al Gharafa to seal AFC Champions League Elite knockout berth    Spouse of Crown Prince launches Misk Heritage Museum 'Asaan' in Diriyah    Conclave and The Brutalist win big at the Baftas    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



DAVOS-Africa growth on way back to pre-crisis level
Published in Saudi Press Agency on 27 - 01 - 2011

African economic growth is heading back to pre-crisis growth levels, propelled by strong demand for its resources and increased "South-South" investment, notably from China, according to Reuters.
Mthuli Ncube, chief economist at the African Development Bank (AfDB), said on Thursday the world's poorest continent would see gross domestic product growth of 6.0 percent this year and, potentially, between 6.2 and 6.5 percent in 2012.
The AfDB will not give its formal economic forecasts for 2012 for a few more months. But Ncube said it was clear African economies were picking up and were on track to hit the peak growth levels of more than 6 percent seen before 2009.
"The resources side is still holding up nicely for now, as well as the diversified economies like Ethiopia," he told reporters at the annual meeting of the World Economic Forum in Davos.
Sub-Saharan countries including Ethiopia, Angola and Rwanda boast some of the world's fastest-growing economies.
A strong rebound led by demand for the continent's commodities means 2011 is already on course to grow more rapidly than originally expected, following a recovery from the low of just 2.9 percent growth seen in 2009.
Ncube said economic activity would vary across different regions, with East Africa set to show the highest rate of growth in 2011, while South Africa was expected to record a much more modest advance of around 3 or 3-1/2 percent.
China has stepped up its investment in Africa in recent years, largely in the hunt for resources, and has injected badly needed capital into infrastructure, Ncube said.
But the Chinese are not alone, with companies from both India and Brazil also more aggressive at pursuing opportunities in Africa than in the past.
-- SPA


Clic here to read the story from its source.