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Growth forecast for 2010 in African nations

16 March 2010
Growth forecast for 2010 in African nationsAfrican nations located south of the Sahara are expected to see their economies expand by 4.5 per cent in 2010.

This is according to managing director of the International Monetary Fund (IMF) Dominique Strauss-Kahn, who has suggested that sub-Saharan countries will start to recover from the global economic downturn this year, the Financial Times reports.

"Usually there's always a rather long delay between the recovery [from] crisis in the rest of the world and the time when African countries catch up," he explained before adding that it is "not the case" in this instance.

The IMF head pointed to the implementation of stricter monetary policies by many such nations in recent years, allowing them to be more flexible during the downturn and suggested that the fiscal response to the crisis has been effective.

Addressing reporters in Nairobi, Kenya, Mr Strauss-Kahn suggested African economies are recovering at a similar rate, "sometimes faster" to Asian markets, but cautioned that challenges such as the impact of climate change still remain.

Data from the South African Chamber of Commerce and Industry published by Business Day indicates that employment prospects in the country's retail sector are improving, with the latest index rising to 57 in February, with a figure above 50 suggesting growth.ADNFCR-1275-ID-19668916-ADNFCR