Mozambique expected to post “notable” economic growth of 7 pct in 2013

8 May 2013

The Mozambican economy is this year expected to post “notable growth” of around 7 percent despite the devastating effect of floods in the country, the deputy chief executive of the International Monetary Fund (IMF), said Tuesday in Maputo.

David Lipton, who was giving a talk at A Politécnica University, as part of a visit to Mozambique, said that the Mozambican economy would be capable of “preventing the worst” caused by natural disasters, according to the Mozambican press.

Lipton also said that Mozambique, which in 2012 posted economic growth of 7.4 percent, continued to be one of the countries with greatest economic growth in the world.

“Mozambique is undeniably one of the African countries with the best economic performances and one of the ones that is growing fastest and, as well as this, it has been able to offset a contraction in demand from Euro Zone countries, by diversifying its trade with emerging economies,” he said.

Despite Mozambique’s progress, the IMF official noted that the country remained one of the poorest in the world, that half of its population was living in extreme poverty and two thirds were surviving on subsistence agriculture. (macauhub)