Proshare Logo
   Market Date: 26-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

IMF raises growth forecast for Africa to 4.2%

Category: World of Business

  Read (1538)
IMF raises growth forecast for Africa to 4.2%


The International Monetary Fund (IMF) has reviewed upwards its growth estimate for Africa to 4.2 per cent.


The Fund predicted last October that Africa will grow by 4.0 per cent. It also raised its growth estimate for 2011 to f.3 per cent from 5.2 per cent. The Fund, in its World Economic Outlook update published yesterday said,  “Stronger economic frameworks and swift policy responses have helped many emerging economies to cushion the impact of the unprecedented external shock and quickly re-attract capital flows.



“The rebound of commodity prices is helping support growth in commodity producers in all regions.” The IMF projects sub-Saharan Africa’s economy will expand 4.3 per cent this year, 0.2 percentage point more than previously anticipated. The region’s predicted growth rate for 2011 was left unchanged at 5.5 percent.



The global economy, battered by two years of crisis, is recovering faster than previously anticipated, with world growth bouncing back from negative territory in 2009 to a forecast 3.9 per cent this year and 4.3 per cent in 2011, the International Monetary Fund said. But the recovery is proceeding at different speeds around the world, with emerging markets, led by Asia relatively vigorous, but advanced economies remaining sluggish and still dependent on government stimulus measures, it said.



“For the moment, the recovery is very much based on policy decisions and policy actions. The question is – when does private demand come and take over. Right now, it’s ok, but a year down the line, it will be a big question,” said IMF Chief Economist, Olivier Blanchard, in an IMF video interview.



IMF Managing Director, Dominique Strauss-Kahn, has warned that countries risk a return to recession if anti-crisis measures are withdrawn too soon. Along with the update to its forecast, the IMF also released a new assessment of global financial conditions in its Global Financial Stability Report (GFSR). It said that financial markets have rebounded since the lows of last March, the result of improving economic conditions and wide-ranging policy actions by governments.



“Notwithstanding the recent sell-off, risk appetite has returned, equity markets have improved, and capital markets have reopened,” Jose Viñals, Director of the IMF’s Monetary and Capital Markets Department, said.



But policymakers still face extraordinary challenges as they seek to unwind the unprecedented fiscal, monetary, and financial support they provided to keep their economies and financial markets from collapsing, the GFSR update pointed



(Source: Vanguard)

Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on World of Business

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014