ADDIS ABABA, 2nd February, 2011: Following the global financial crisis, African economies quickly rebounded (kom sig igen), giving the continent the opportunity to become a global growth pole in a mulitpolar world over the next two decades (årtier), the World Bank has said.
To do this, African countries need to sustain (holde fast i) macroeconomic reforms and implement business friendly policies that are indispensable (uundværlige) for attracting investors.
– African governments must walk the talk of reform (gøre alvor af reformer), said World Bank Vice President for the Africa Region Obiageli Ezekwesili on the sidelines of the 16th Session of the African Union summit in the Ethiopian capital.
– They must also ensure that the macroeconomic stability attained over the past decade does not unravel (går op i limingen), Ezekwesili noted, adding:
– The continent must ensure that current improvements in the business and policy environment continue and that reforms in the energy, agriculture, tourism, infrastructure and basic service delivery sectors are sustained.
Africa, she explained, has the potential to be a growth pole for many sectors. Agriculture, tourism, real estate, financial and banking services, and transport can all replicate (gentage) the enormous success of Africa’s Information and Communication Technologies (ICT) revolution.
– Africa is where global growth will be coming from over the next two decades and more, Ezekwesili affirmed.
AFRICA IS as an investment destination
Africa is forecast to grow 5,1 percent and 5,4 percent respectively in 2011 and 2012, up from an estimated 4,5 percent in 2010 and only 1,6 percent in 2009.
The continent’s economic outlook is expected to continue to strengthen, driven by historically high commodity prices (råvarepriser) and stronger external demand.
Compared to other regions, “Africa offers some of the highest returns on investment,” the World Bank Vice President said.
Foreign direct investments (FDI) to Africa rose nearly nine-fold from 10 billion US dollar in 2000 to 88 billion in 2008, and they were much higher than flows to India (42 billion) and only slightly behind flows to China (108 billion).
– It would be a mistake for any corporation not to make African an investment destination, Ezekwesili argued.
– As a matter of fact, I want to go on record as saying that shareholders of any company whose CEO (direktør/chef) has not yet presented their Board of Directors with an Africa strategy should worry about missing opportunities in Africa, she pointed out.
WORLD BANK drafts new Africa strategy
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