Portuguese-speaking Africa to accompany continent’s economic slowdown until 2010

11 June 2008

Cape Town, South Africa, 11 June – The economic growth of Portuguese-speaking Africa countries is expected to accompany the overall slowdown of the continent, which is expected to see growth fall from 6.3 percent this year to 5.6 percent in 2009, according to the World Bank.

According to the “Global Development” report published Tuesday by the World Bank on the sidelines of the Annual Bank Conference on Development Economics (ABCDE), held between Monday and Wednesday in cape Town, South Africa, economic growth in Mozambique will fall from 7.2 percent in 2008, to 6.7 percent in 2009 and 6.6 percent in 2010.

In Cape Verde the trend is expected to be similar: 7.1 percent growth this year, 6.9 percent in 2009 and 6.4 percent in 2010.

According to the World Bank’s projections Angola will see the biggest fall in growth, from 25.4 percent this year to 6.7 percent in 2009, rising again to 10.2 percent in 2010.

Guinea Bissau will be the only Portuguese-speaking country to see increased growth rates, although only slightly, according to the World Bank: 2.9 percent growth this year, 3.3 percent in 2009 and 3.4 percent in 2010.

In its report, the World Bank noted that the forecast for the African continent in 2008, of 6.3 percent, is still “the highest in 38 years,” – even growth for 2010, of 5.9 percent, is “slightly above average for the last five years.”

The resistence of African countries – and, generally of developing countries – to the most pronounced global economic slowdown is related to the afct that they have reached, “healthier economic basics,” and that they are less exposed to the international financial crisis that began in the United States.

Amongst the risks to African economies, the World Bank noted “inflationary pressures,” identified for 2008, in the face of the international price of food and fuel. (macauhub)