Kenyan economy among the best but growth slow

Workers work on machines at a clothing factory at an industrial town of Newcastle

The economist said Tanzania was among seven countries in Africa that continued to exhibit economic resilience, supported by domestic demand as well as posting an annual growth rate above 5.4 percent in the past two years.

"These countries house almost 27 per cent of the region's population and account for 13 per cent of the region's total GDP".

Economic growth is projected to reach 2.6 per cent in 2017 in Sub-Saharan Africa as a sign of recovery; after registering the worst decline in more than two decades in 2016.

Africa's GDP growth will increase by 1.7 per cent per year if it is able to catch up to the median of the rest of the developing world and 2.6 per cent per year, if it was able to close the infrastructure gap relative to the best performers.

The economy of South Africa, which vies with Nigeria's to be the region's biggest, expanded 0.3 percent previous year, the slowest pace since a 2009 recession, due to a slump in commodity prices, weak demand for the country's exports and a continuation of the worst drought since records started more than a century ago.

GDP growth in countries whose economies depend less on extractive commodities should remain robust, underpinned by infrastructure investments, resilient services sector, and the recovery of agriculture production.

"The success of these ventures will create a demonstration effect that can attract much-needed growth investment in the sector and catalyze scaling of transnational businesses in the region".

Sold out! OR campsites for August eclipse snapped up
All state park sites available by reservation are now taken, though cancellations may return a few sites to the pool. Sites range from basic to full-service, with a three-night minimum for the August 21 eclipse.

The World Bank, Wednesday, said Nigeria needs to reform its finance to avoid any future foreign exchange crisis.

He added, "We need to implement reforms that increase the productivity of African workers and create a stable macroeconomic environment".

The economic rebound comes on a background of a slowdown in investment growth from almost 8% to 0.6% in between 2014 and 2015.

According to the new Africa's Pulse, a biannual analysis of African economies conducted by the World Bank, if inefficiencies are addressed, public and private investment in infrastructure could be a strategic tool for poverty reduction and economic development.

The report analyzes trends in infrastructure quantity, quality and access; explores the relationship between infrastructure growth and economic growth in the region; documents stylized facts on public investment in the region; and examines the quality of infrastructure spending.

He said the upturn in economic activity is expected to continue in 2018-19, reflecting improvements in commodity prices, a pickup in global growth, and more supportive domestic conditions. On the domestic front, risks to the current recovery stem from an inadequate pace of reforms, rising security threats, and political volatility ahead of elections in some countries.

"With poverty rates still high, regaining the growth momentum is imperative", said Punam Chuhan-Pole, World Bank Lead Economist and the author of the report. The region experienced a slowdown in investment growth from almost eight per cent in 2014 to 0.6 per cent in 2015.

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