African Economies Forecast To Expand 4.5% In 2015

(RTTNews) - African economies are expected to expand at a faster pace this year but lower oil prices and uncertain global conditions could delay an expected return to pre-crisis growth levels, the African Economic Outlook 2015 said Monday.

African economies will grow by 4.5 percent in 2015 and may reach 5 percent in 2016, converging with Asia's current growth rates, according to the joint report released by the Organization for Economic Co-operation and Development, the African Development Bank and the United Nations Development Programme.

But it warned "Lower oil and commodity prices, uncertain global conditions, the consequences of the Ebola outbreak in West Africa and domestic political uncertainties could delay an expected return to pre-2008 levels of growth."

Foreign direct investment is forecast to reach $73.5 billion in 2015, underpinned by increasing greenfield investment from China.

The report underlined that transforming economies would require exploring more productive sectors through promoting manufacturing, developing services and modernizing the agricultural sector.

The report also called for strengthening skills and education and addressing exclusion through the development of targeted social protection measures.