Africa’s economies have weathered the global economic and financial crisis relatively well and have rebounded in 2010. The continent is expected to continue on its path of recovery although serious headwinds weigh on the momentum for expansion in 2011, notably the political events in North Africa and the high fuel and food prices. The dismal situation in Libya and Côte d´Ivoire shows once again how citizens suffer and economies are brought to a halt when political transitions are not pursued in a peaceful way.
This year’s African Economic Outlook examines how the African continent, its regions and countries, have fared during the global crisis and forecasts economic developments in 2011 and 2012. Its thematic chapter explores the relationship between Africa and its emerging partners and casts new light on the impacts for Africa´s development.
Africa´s economies have rebounded from the slump which had been caused by the global recession. In 2010, Africa´s average rate of growth amounted to 4.9%, up from 3.1% in 2009. The political events in North Africa are likely to depress the continent’s growth to 3.7% in 2011. However, this forecast is surrounded by considerable uncertainty. Risks are related to the global economy, notably the impact of the earthquake and nuclear crisis in Japan, and to Africa, in particular the development in Libya and Côte d´Ivoire and how this affects neighbouring countries. With the assumption that economic normality returns in these countries, Africa´s average growth is expected to accelerate to 5.8% in 2012.