African economies growing stronger – World Bank

Despite weaker than expected global growth and stable or declining commodity prices, African economies continue to expand at a moderately rapid pace, the World Bank has said.  The African regional Gross Domestic Product (GDP) is projected to strengthen to 5.2% yearly in 2015-16 from 4.6% in 2014. This is according to the World Bank’s new Africa’s Pulse, a twice-a year analysis of the issues shaping Africa’s economic prospects. Significant public investment in infrastructure, increased agricultural production and expanding services in African retail, telecoms, transportation, and finance, are expected to continue to boost growth in the region.  This pick-up in growth is expected to occur in a context of lower commodity prices and lower foreign direct investment as a result of subdued global economic conditions, according to newvision.co.ug