Africa on the road to recovery

Sub -Saharan Africa will enjoy a strong recovery this year and next after the region fared better than most developed countries during the global economic crisis, the IMF said yesterday.

The IMF estimated that economic growth in the region would reach 4.7% this year, and 5.9% in forecasts from its latest World Economic Outlook.

That would mark a sharp rebound from the 2.1% growth the region achieved in 2009 when impoverished sub-Saharan African countries escaped the recession that ravaged rich world economies.

"The region's quick recovery reflects the limited integration of most low-income economies into the global economy," the IMF said.

Sub-Saharan economies were also benefiting from rebounding trade, higher commodity prices and government spending to smooth out the impact of the financial and economic crisis, it added.

Though commodity-dependent and wealthier international trade-based economies in Africa suffered the most during crisis, economic activity in the region's poorest countries held up better because of their isolation.

It projected that Africa's low-income economies as a group would see growth speed up from 4.3% in 2009 to 4.7% this year and 6.7% next year.

The global economy will grow a faster-than-expected 4.2% this year, the IMF said.

It said the emerging markets of Brazil, China and India will drive the global rebound, as established economic powers in Europe and Japan continue to lag.