MOMBASA, Kenya (Reuters) – Africa’s growth could rise to 7 percent by the year 2015 Driven by a rush of investors attracted by its drive to improve its infrastructure, the head of the United Nations Development Programme’s (UNDP) in Africa said.
Ranked as the poorest continent in the world, Africa has posted strong growth rates of about 5 percent in recent years, second only to Asia, drawing rising inward investment.
Although Africa may have enviable economic growth rates by global standards, they are still not enough to pull its growing population out of poverty.
The IMF revised down its growth forecasts for Africa in 2012 to 5.4 percent, lower than previous forecasts.
Corruption and civil wars are also likely to puncture the momentum in several African countries, officials said at an African leadership meeting in Mombasa.
Many African countries had embarked on rehabilitation and construction of vital infrastructure systems that were quickly attracting investors locally and internationally, Tegegnework Gettu, who heads the United Nations Development Programme’s (UNDP) Africa Bureau, told a conference in Mombasa on Tuesday.
“Investment in Africa has gone up to 15 Percent in the last five years alone. This is a remarkable achievement. Africa is so far the fastest growing continent globally. We need to keep this spirit. We need to hasten our infrastructural development, because this is the time for Africa,” Gettu said. Read more…