Africa’s GDP growth at pre-economic crisis levels

African economies will grow 4.5% this year and 5% in 2016 due to rising demand for exports, the highest levels since the global economic crisis took hold in 2007, the African Development Bank (AfDB) said. Financial inflows will increase nearly 7% to US$193 billion (N$2.3 trillion), supported by higher foreign direct investment and a spike in portfolio investments, the bank said in its annual African Economic Outlook report. The AfDB estimates African economies to have grown by 3.9% in 2014. In the years prior to the economic crisis, African economic growth averaged between 5 to 7%. Improving economic prospects worldwide will increase demand for the continent’s exports, the report released at the opening of the bank’s annual meetings in Abidjan, Ivory Coast said. But the rebound is expected to be uneven. “Growth remains highest in East, West and Central Africa, respectively and lowest in North and Southern Africa. The main challenges in all regions are to diversify and make growth more inclusive,” the report stated. Foreign direct investment is expected to reach US$55.2 billion this year up from an estimated US$49.5 billion in 2014. Portfolio investments will jump more than 36% to US$18.4 billion this year from an estimated US$13.5 billion in 2014. ABIJAN NAMPA/REUTERS