UNECA: West Africa To Be The Fastest Economic Growing Region In 2013

 

West Africa region is expected to post the fastest growth for 2013 at 6.6 per cent, a report released by the United Nations Economic Commission for Africa (Uneca), Africa Economic Report 2013 revealed.

Commodities—especially oil and minerals exploitation in countries such as Ghana, Niger and Sierra Leone and peace and stability in Côte d’Ivoire are expected to sustain this expected growth.

Meanwhile, the Eastern Africa region will also be among the fastest economic growing region this year with an expected growth of 6 percent compared to the 5.6 per cent achieved in 2012. This will be aided by natural resource discoveries, improved agricultural performance, and economic diversification

 “Increasing economic diversity, rising agricultural output and exports, as well as new natural-resource discoveries are expected to boost growth in East Africa, which has remained one of the top performing sub regions,” the report stated.

“Consolidating peace and ensuring political stability in the Democratic Republic of Congo and Somalia will help to improve prospects in the sub region,”

The report asserts that East Africa, as well as the Horn of the continent, has become a hot spot for oil and gas exploration in recent years, spurred by new finds in countries such as Kenya, Uganda, Tanzania and Mozambique.

 “Recent discoveries of minerals in several African countries are expected to further expand fiscal space as well as public spending in countries such as Ghana, Kenya, Mauritania and Uganda,” Uneca said.