African growth remains robust in face of European crisis, IMF claims

The European crisis has affected Africa, but will not derail growth, a top IMF official said today. Speaking to Reuters, Antoinette Sayeh, IMF Director for Africa, said: "We think the crisis in Europe has had an adverse impact on Sub-Saharan [...]

The European crisis has affected Africa, but will not derail growth, a top IMF official said today.

Speaking to Reuters, Antoinette Sayeh, IMF Director for Africa, said: "We think the crisis in Europe has had an adverse impact on Sub-Saharan Africa, but not, to date, on a scale that would derail growth in the region."

The October 2012 IMF Regional Economic Outlook for sub-Saharan Africa, released today, projects 5 per cent growth in the region for the current and following year. In an accompanying statement Sayeh said "Economic conditions in sub-Saharan Africa have remained generally robust against the backdrop of a sluggish global economy."

The IMF found that most economies in Africa have remained resilient. Inflation has fallen in 2012, as pressures on food and fuel prices ease, and structural transformation has continued in the economies of most countries. However, South Africa, which has strong financial ties with the eurozone, has suffered. Earlier this week, the IMF cut its growth forecast for South Africa to about 2.6 per cent for 2012 and 3 per cent next year.

Gateway to Africa 2012

IMCOSA - Immigration Consultants South Africa - Visa Services, Immigration Agents