By EA Trade Review Reporter
African economies will continue to expand at a moderately rapid pace despite weaker than expected global growth and stable or declining commodity prices, says the World Bank.
In a new Africa’s Pulse, a twice-yearly analysis of the issues shaping Africa’s economic prospects, the bank projects regional GDP growth to strengthen to 5.2 per cent yearly in 2015-16 from 4.6 per cent in 2014.
The report says significant public investment in infrastructure, increased agricultural production and expanding services in African retail, telecoms, transportation, and finance, are expected to continue to boost growth in the region.
This pick-up in growth is expected to occur in a context of lower commodity prices and lower foreign direct investment as a result of subdued global economic conditions.