“Africa is growing in the next two years but unevenly. Different regions are growing at different speeds,” Mthuli Ncube, Chief Economist and Vice President of AfDB told CNBC Africa on the sidelines of the bank’s 49th annual meeting in Kigali, Rwanda’s capital.
According to the world economic situation and prospects 2014 report, West Africa should continue to enjoy the strongest growth on the continent, with an anticipated increase from 6.7 per cent in 2013 to 6.9 per cent this year. East Africa is also expected to experience strong growth in 2014.
“East Africa’s growth will be at around six per cent on average. Slower regions are North Africa because of the social upheaval and Central Africa for at least this year and the next will have a slow growth because of conflicts,” Ncube explained.
North Africa has lately been a region racked by political instability, particularly in Egypt, Libya and Tunisia.
“The Southern Africa region is not growing strongly because of its large economy. Angola and Mozambique are the strongest in the region,” Ncube added. Foreign investment is likely to rise owing to huge coal deposits and offshore gas discoveries in Mozambique and increased oil output in Angola.
(READ MORE: Understanding Africa’s economies through numbers)
Africa’s average growth is predicted to accelerate to close to 4.8 per cent in 2014 and 5-6 per cent in 2015, to levels last seen before the 2009 worldwide recession. This is based on the principle of a gradual strengthening of the world economy and also on improvements in political and social stability in most African countries.
The growth in Africa has largely been contributed by telecommunication, banking, and retailing which are thriving, construction and the private-investment inflows.
BY ELAYNE WANGALWA