IMF offer mixed news for African economic future

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The International Monetary Fund (IMF) has suggested that the economy of sub-Saharan Africa will grow by 5% on average this year, and by 5.75% during 2012.

However, the IMF also warned that global economic volatility poses a serious risk to some of Africa’s most developed countries.

South Africa, the African economy which is most in tune with the global marketplace, is likely to feel the effects of a global slowdown more than any other African nation. However, the IMF has predicted a growth of 3.5 % for the South African economy this year.

A vast number of smaller African nations face different problems, such as the perennial threat of inflation and what that could do their economic plans as a whole if it got out of hand.

Countries such as Kenya and Ethiopia, located in East Africa, have been warned that they face possibly the toughest battle to stay competitive as drought and famine threaten to derail their meagre economies.

However, the IMF returns to the issue of global problems having a domino effect on the region as the main thing Africans need to worry about.

“The main threat to economic activity in the region is the strong possibility that global growth will decelerate further,” suggested an official IMF statement.

Considering this, the country is certainly likely to be watching global economic events with more interest than ever before from now on.

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