April 19, 2013

Data point: As developed markets languish, Africa set for strong growth in 2013

Posted by: in Africa|North America

While the forecast for economic growth in Europe and North America is bleak, emerging markets in Africa and Asia are expanding at a significant pace, according to the International Monetary Fund’s latest World Economic Outlook. The IMF is forecasting 5.3 percent growth this year in emerging market and developing economies, a stark contrast with a forecast of negative growth (-0.3 percent) in the Euro area (with a forecast of 1.1 percent growth for next year). The U.S. is in the middle, with a forecast of 1.9 percent expansion this year. This infographic from The Economist makes the geographic differences clear.

As foreign direct investment flows into the sub-Saharan region, resource-rich economies like Nigeria (oil) and Ivory Coast (gas) will forge ahead, according to The Guardian. Mineral industries in countries like Ghana, Guinea and Liberia are also attracting investment. With more capital flowing into these countries, expect more African tech startups and hotel growth, both among our 100 Things to Watch in 2013.

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