African countries’ economies grow

AFRICAN Development Bank president Akinwumi Adesina addressing a press conference at the on-going annual general meeting in Lusaka. PICTURE: MACKSON WSAMUNU

DESPITE the challenges of the global economic downturn, several African countries have made significant economic progress in 2015 that is marked by an average growth rate of 3.6 percent of Gross Domestic Product (GDP) in a year when the best performance of the developed countries have barely reached two percent.
In a joint presentation of the 2015 AfDB financial report, the bank’s director of finance Charles Boamah and treasurer Hassatou N’sele said resilience of Africa at a time when major economies struggled to advance is due to substantial public investment, particularly in infrastructure, sustained domestic consumption, the services sector growth and progressive gradual economic diversification.

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