Growth in African economies is set to accelerate to 4.8% on average this year while financial flows into the continent will top $200-billion, or quadruple levels seen in 2000, the African Development Bank said on Monday.
“Africa’s medium-term growth prospects have improved on the back of broader political and social stability at home and recovering economic conditions abroad,” the bank said in its annual African Economic Outlook report.
It forecast economic growth across the continent would reach 5.7% on average in 2015. That would compare with 3.9% last year.
Sub-Saharan economies will outperform upper-middle-income nations in North Africa to average growth of 5.8% this year, it said.
AfDB said the manufacturing and services sectors would top the list for foreign investment into Africa this year.