While the developed world creaks under the burden of debt and the threat of recession, there still remain countries with high growth prospects.
Africa on a whole is braced for slowing growth for 2011/12, but a belt of sub-Saharan economies are set to buck the trend. Gold-rich Ghana is forecast to grow this year by 16.3 per cent – the fastest in the world, according to Standard Bank Research.
In its latest report on the region, the South African bank, which has a subsidiary in Ghana (Stanbic Bank) noted a “brighter horizon for middle-Africa, in particular for Ghana.
Admittedly, Ghana’s growth is predicted to slow sharply in 2012 – but even at a predicted 8.25 per cent it will be doing very well by global standards, the report stated.
“The relative isolation of sub-Saharan Africa (excluding South Africa) to global markets and trade flows will serve it well, limiting macroeconomic instability,” Stephen Bailey-Smith, head of Africa research has noted.
Out of 20 African countries covered by the analysis, almost half should expect at least six per cent growth in 2011, according to Bailey-Smith. These include Nigeria where growth is expected to hit 7.1 per cent thanks to buoyant global demand for oil.
However, South Africa’s economy is expected to slow this year with the Gross Domestic Product (GDP) growth forecast to be between 3.3 and 3.5 per cent.
The countries analyzed were: Angola, Botswana, Cote d’Ivoire, Democratic Republic of Congo, Egypt, Gabon, Ghana, Kenya, Malawi, Mauritius, Mozambique, Namibia, Nigeria, Republic of Congo, Senegal, South Africa, Tanzania, Tunisia, Uganda and Zambia.
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