JOHANNESBURG – A new report says Africa has been ‘gravely affected’ by the global economic downturn and that its growth rate will halve this year due to collapsing commodity prices and a decline in donor funding.
The 2009 African Economic Outlook finds that after a decade of above five per cent economic growth, the continent can expect only 2,8 per cent in 2009.The report by the Paris-based Organisation for Economic Co-operation and Development was released yesterday.The independent international organisation’s report covers 47 African countries and anticipates growth rebounding to 4,5 per cent in 2010. It notes that Africa is better positioned to weather the crisis than it was a decade ago thanks to reforms. -Nampa-AP
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