Business, Economics and Jobs

Africa's economies are booming


South African workers in a factory producing souvenirs for the World Cup 2011.


Alexander Joe

Africa's economies are booming. The latest figures show that growth in sub-Saharan Africa is projected to be 5.5 percent in 2011 and just over 5.0 percent in 2012, according to the International Monetary Fund's World Economic Outlook 2011 report released today.

South Africa, the continent's largest economy, is predicted to lag behind the rest at 3.4 percent and 3.8 percent in 2011 and 2012.

Particularly noteworthy is that sub-Saharan growth is expected to exceed growth in all other regions except developing Asia.

The positive forecast reflects sustained strength in domestic demand in many of Africa's economies as well as rising global demand for the continent's commodities.

Africa's growth is slightly lower than that in all emerging and developing economies which is estimated to be 6.5% in both 2011 and 2012. This is a slightly lower figure than the 7% growth registered by emerging and developing economies in 2010.