African on track for solid economic growth

ECONOMIES in sub-Saharan Africa will ride out the bumpy global recovery in the next few years to post growth rates not seen outside Asia, the IMF says in its latest economic forecasts.

The International Monetary Fund's latest World Economic Outlook predicted economic activity in Africa's reinvigorated economies will "remain robust" this year and next.

Regional GDP is expected to increase 5.6 per cent in 2013, slightly lower than previously expected, but still among the fastest rates seen anywhere in the world.

Resource-rich economies like Nigeria (7.2 per cent) and growing lower-income economies like Mozambique (8.4 per cent) are expected to lead the way.

Only two countries, Swaziland and Equatorial Guinea are expected to see their economies shrink.

Next year an economic resurgence in South Africa - the regional powerhouse - is expected to push sub-Saharan growth to around 6.1 per cent, faster than first thought.

The South African economy, hobbled this year and last by "sluggish mining production" and a downturn in key eurozone export markets, is forecast to grow at 3.3 per cent next year.

But, the IMF admits, the regional outlook for 2014 depends on improvements in the economic outlook for Europe and other key export markets.

Its warning that some African economies remain vulnerable to external shocks came as lower Chinese growth figures pummelled gold prices.

The largest drop in the precious metal's spot price in three decades sent the Johannesburg Stock Exchange down 1.6 per cent on Monday, with many major producers taking a beating.

"The main risks to the outlook for sub-Saharan Africa stem from the external environment, although domestic security and political risks should not be discounted," the report stated.

"Given the still-uncertain global environment, countries whose policy buffers are thin and where growth is strong should seek to rebuild fiscal position."

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