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Area Development

Africa’s Economy to Grow This Year and Next

07/01/2008
According to research from a report by the African Development Bank (AfDB), gross domestic product growth for African nations is expected to grow by approximately 6 percent by the end of 2008 and maintain that level for 2009. The report - which was jointly prepared by AfDB, the United Nations Economic Commission for Africa, and the Organization for Economic Cooperation and Development (OECD) - cites a strong external demand for oil and non-oil materials and increased investment in these sectors, along with good weather conditions for agriculture as key to the growth. However, a separate report warns that growth could be affected by the near doubling of prices for some staple food crops in the region.

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