IMF trims sub-Saharan Africa's 2011 growth forecast

Friday, October 08, 2010

Growth in sub-Saharan Africa will accelerate next year, though it won't be as fast as previously estimated, the International Monetary Fund said on Wednesday, cautioning a tepid recovery in advanced economies may hurt exports and curb oil prices.

In its World Economic Outlook report, the IMF said belt tightening by some European nations to cut huge budget deficits could reduce aid and private financial flows to the region's low-income economies.

It trimmed its 2011 gross domestic product growth forecast for sub-Saharan Africa to 5.5 percent from the 5.9 percent rate estimated in July. The growth projection for 2010 was maintained at 5.0 percent. The region grew 2.6 percent last year.

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IMF trims sub-Saharan Africa's 2011 growth forecast

Growth in sub-Saharan Africa will accelerate next year, though it won't be as fast as previously estimated, the International Monetary Fund said on Wednesday, cautioning a tepid recovery in advanced economies may hurt exports and curb oil prices.

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