2011: Oil will lead economic growth in Africa
Photo by David McNew/Getty Images
For better or for worse…
It’s January 1st and it seems fitting to post this piece from the “beyond brics” blog at the Financial Times.
What slowdown? Oil to drive growth
December 17, 2010 10:42 am by Henry Mance
For the global economy, Christmas parties came early this year: stimulus spending boosted growth to possibly unsustainable rates. Next year, a mild hangover is likely to kick in – with slower growth in much of the world, including China, India and Brazil.
Yet, for those in need of some more festive cheer, there are three regions that are forecast to see faster growth in 2011: the Middle East and North Africa, sub-Saharan Africa, and Russia and central Asia. All three will average at least 4.6 per cent growth, according to the IMF, overtaking Latin America as the world’s most dynamic regions after Developing Asia. Why are they accelerating? The common thread is oil.
