Africa GDP seen rising-Africa’s economy will expand 4.5 percent this year

Africa GDP seen rising

By Duncan Miriri | Reuters

ARUSHA, Tanzania  – Africa’s economy will expand 4.5 percent this year before accelerating to 4.8 percent in 2013, the African Development Bank said on Monday though it warned the festering euro zone crisis may hurt demand for African exports.

AfDB said Africa’s economy grew 3.4 percent in 2011, with North Africa’s economic output expanding 0.5 percent and sub-Saharan Africa growing more than 5 percent.

“The economic outlook for Africa remains optimistic. Natural resource-rich economies are expected to do better than more mature emerging economies,” AfDB said in its annual African Economic Outlook.

However, AfDB cautioned that the euro zone’s economic woes might dent demand for African commodities. African economies depend heavily for European markets for exports including tea, coffee, cotton, sugar as well as the tourism sector.

“The continued economic crisis in the euro area may reduce demand for African exports, while lowering external resource inflows,” it said.

The resource inflows include foreign direct investments and remittances.

http://uk.reuters.com/article/2012/05/28/africa-economy-idUKL5E8GS4CD20120528

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The African Development Bank Group – Fast Facts

Founded 1964
Constituent Institutions
-The African Development Bank (ADB)
-The African Development Fund (ADF)
-The Nigeria Trust Fund (NTF)
Headquarters Abidjan, Côte d’Ivoire
Temporary relocation Tunis, Tunisia
Shareholders
-53 African countries (regional member countries)
-24 non-African countries (non-regional member countries)

Non-regional member countries
Argentina
Austria
Belgium
Brazil
Canada
China
Denmark
Finland
France
Germany
India
Italy
Japan
Korea
Kuwait
Netherlands
Norway
Portugal
Saudi Arabia
Spain
Sweden
Switzerland
United Kingdom
United States of America
Mission To promote sustainable economic growth and reduce poverty in Africa
President Donald Kaberuka
Authorized Capital at December 31, 2010 Unit of Accounts (UA) 67.69 billion
Subscribed Capital at December 31, 2010 UA 23.92 billion
Paid-up Capital at December 31, 2010 UA 2.38 billion
Total Cumulative Approvals, 1967–2010 3,526 loans and grants totaling UA 55.93 billion

The African Development Bank (AfDB) Group’s mission is to help reduce poverty, improve living conditions for Africans and mobilize resources for the continent’s economic and social development. With this objective in mind, the institution aims at assisting African countries – individually and collectively – in their efforts to achieve sustainable economic development and social progress. Combating poverty is at the heart of the continent’s efforts to attain sustainable economic growth. To this end, the Bank seeks to stimulate and mobilize internal and external resources to promote investments as well as provide its regional member countries with technical and financial assistance.

The institution’s greatest assets are its human resources which come from a wide geographic area. The Bank is an equal opportunity employer and firmly believes that recruitment from a wide geographical and cultural spectrum enriches the institution with varied talents, experiences and skills that will enhance the quality of human resources management and ultimately the realization of the Bank’s mission of reducing poverty across the continent.

In accordance with its policy of decentralization aimed at taking its operations closer to its beneficiaries, the Bank has, over the past few years, established about 23 field and country offices across the continent.