IMF boss hails Africa's 'remarkable' growth

2014-05-29 07:26
Christine Lagarde (AFP)

Christine Lagarde (AFP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

kalahari.com

Maputo - IMF managing director Christine Lagarde on Wednesday hailed the leaps made by African economies in the last decade as "nothing short of remarkable”.

On the eve of a major conference in Maputo that will bring together policymakers from across the region, Lagarde said it was time to kick start the "next phase of its economic development”.

The sub-Saharan Africa region is expected to grow at more than 5% this year according to the IMF's latest projections, after similar growth last year.

But there was a note of caution amid the breakneck economic expansion.

"There is still a long way ahead to meet the aspirations of the continent: extreme poverty is still too prevalent and there are new challenges posed by the global economy," she said.

As policymakers take stock of Africa's strong economic performance, many are also looking at the risks that lie ahead.

The region could face lower demand for its exports should growth slow in increasingly important emerging markets like Brazil, India and, in particular, China.

Beijing is a top buyer of African resources from copper to oil and gas.

‘Africa’s rise’

In rapidly growing cities like Maputo the Chinese presence is manifest, from a Chinese-built airport to the country's businessmen chattering on cell phones as they walk from meeting to meeting.

But poverty perhaps remains the continent's biggest challenge.

Ahead of the meeting, rights groups questioned the current optimistic view of "Africa's rise”.

"Africa is not rising for ordinary citizens," said Oxfam International's Executive Director Winnie Byanyima, who said she intended raising issues of growing inequality at the IMF conference.

She added that tax dodging multi-nationals were draining revenue from the continent.

"We have six of the top 10 fastest growing economies in the world, and the fastest rising number of dollar millionaires of any other region in the world.

"Yet Sub-Saharan Africa is home to six out of the 10 most unequal countries in the world. The 50 richest people in Africa own about 15% of Africa's GDP," Byanyima added.

The conference's host nation Mozambique, provides a stark example.

According to Byanyima, it is still one of the poorest countries in the world despite recording galloping economic growth of over seven percent a year over the past decade.

Two decades after the end of a devastating civil war the country is experiencing vast foreign capital inflows on the back of coal and natural gas discoveries.

Read more on:    imf  |  christine lagarde  |  southern africa  |  economy
NEXT ON NEWS24X

Ebola passes 5 000 cases

6 minutes ago
SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
9 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/Africa
 

Device lets disabled people talk through their nose

A device that converts nose breaths into speech will open new doors for people with Parkinson’s or motor neuron disease.

 
 

For chic geeks...

It’s THIS easy for someone to steal your ATM pin!
This is why you should install iOS 8
17 photo illusions that look so real
Check out the speed of this robo-cheetah!

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Magical Massinga

Spend 5 nights at the gorgeous Massinga Beach Lodge in Mozambique and only pay for 4 from R13 220 per person sharing. Includes return flights, accommodation, transfers and romantic turndown. Book now!

Kalahari.com - shop online today

Pre-order your iPhone 6 at kalahari.com

Hurry and pre-order your own iPhone 6 now at SA’s favourite online store!

Bargain box – 60% off

Reduced prices, very limited stock. While stocks last. Hurry and shop now!

Mind blow low prices on electronics

Get either the Prestigio multiphone or Proline tablet 7” tablet for only R699. Offers valid while stocks last. Shop now!

30% off Barbie toys

Save 30% on all Barbie toys and accessories. Offer valid while stocks last. Shop now!

Baby extravanganza month at kalahari.com

Celebrate baby month with a wide range of awesome baby products. Offers valid while stocks last. Shop now.

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

Don`t judge so quickly or expect too much, be more accepting and understanding and make space for fun and spontaneity. ...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.