S’n Africa records continent’s second highest growth rate

OVERALL ECONOMIC growth in Africa is expected to average 5.8% in 007, according to the latest edition of the Economic Report on Africa by the United Nations Economic Commission for Africa (UNECA). Negotiations by the World Trade Organisation and the ongoing Economic Partnership Agreements should allow African countries greater opportunities in the export markets. But, UNECA says that for this to take place, regional integration is needed. At the present time, this is being hindered by political and security instability as well as poor transport and communication infrastructure. In 006, growth was 5.9% in Africa. The report attributed this to the macroeconomic management in many countries as well as the strong international demand for export commodities from Africa. These helped to lift the export prices for oil, metals and minerals. But the 006 year also represented a year of growth and new business prospects in most of the African states. Countries in North Africa recorded the highest climb in gross domestic product growth, from 5. % in 005 to 6.6% in 006, mainly because of the higher oil prices. Southern Africa recorded the second highest growth rate which increased from 5.6% to 5.9%. Both Malawi and Lesotho experienced economic recoveries. Angola (17.6%) followed by Mozambique (7.9%), Malawi (6.9%) and Zambia (6%) were the fastest growing economies in Southern Africa. In East Africa weather conditions and export commodity prices remained good despite the drought, while West Africa felt the blow of political instability.