Africa's GDP growth to pick up in 2012
2012-05-28 14:33:21
Africa's economy is set to rebound this year after popular uprisings and political unrest in 2011, the African Development Bank said Monday.
The region is forecast to expand 4.5 percent in 2012 and then to 4.8 percent next year with the gradual recovery of North African economies, the bank said. Nonetheless, global slowdown is constraining Africa's growth.
In its annual African Economic Outlook, the bank said a slowdown in average growth to 3.4 percent in 2011 was relatively moderate. While Sub-Saharan Africa logged above 5 percent expansion, North Africa disrupted overall GDP last year.
The bank urged the region to focus on reforms that encourage growth and ease the social tensions that set off the Arab revolutions.
Further, the report argues youth unemployment figures will increase unless Africa moves swiftly to make youth employment a priority, turning its human capital into economic opportunity.