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Africa to enjoy strong rebound: IMF

WASHINGTON — Sub-Saharan African will enjoy a strong recovery this year and next after the region fared much better than most developed countries during the global economic crisis, the IMF said on Wednesday.

The International Monetary Fund estimated that economic growth in the region would reach 4.7 percent this year and 5.9 percent in forecasts from its latest World Economic Outlook.

That would mark a sharp rebound from the 2.1-percent growth the region achieved in 2009 when impoverished sub-Saharan African countries escaped the dire recession that ravaged rich-world economies.

“The region’s quick recovery reflects the relatively limited integration of most low-income economies into the global economy,” the IMF said.

Sub-Saharan economies were also benefiting from rebounding trade, higher commodity prices and government spending to smooth out the impact of the financial and economic crisis, it added.

While commodity dependent and wealthier international trade-based economies in Africa suffered the most during crisis, economic activity in the region’s poorest countries held up much better thanks to their isolation from the rest the world.

“Growth in a number of the more fragile economies even accelerated last year, reflecting mainly stronger policies and reconstruction assistance following periods of civil conflict, economic instability, and previous external shock,” the IMF said.

via AFP: Africa to enjoy strong rebound: IMF.

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