African incomes to drop for first time in 15 years
Thursday, 14 May 2009
DAKAR, May 13 (AFP): Per capita income in Africa will go down in 2009 for the first time in 15 years, the chairman of the African Development Bank (AfDB) warned yesterday.
"Our economic outlook for Africa forecasts that in 2009, and for the first time since 1994, per capita growth for the continent will be negative as a whole," Donald Kaberuka said in a round-table on the effects of the global financial crisis for the world's poorest continent.
The downturn would affect "economies wealthy in petrol and minerals as well as countries dependent on their agricultural exports," he added, without giving any figures.
But Kaberuka, who was speaking ahead of the annual assemblies of the pan- African bank in the Senegalese capital Dakar on Wednesday and Thursday, said he was still optimistic about the continent's economic future.
"Our economic outlook for Africa forecasts that in 2009, and for the first time since 1994, per capita growth for the continent will be negative as a whole," Donald Kaberuka said in a round-table on the effects of the global financial crisis for the world's poorest continent.
The downturn would affect "economies wealthy in petrol and minerals as well as countries dependent on their agricultural exports," he added, without giving any figures.
But Kaberuka, who was speaking ahead of the annual assemblies of the pan- African bank in the Senegalese capital Dakar on Wednesday and Thursday, said he was still optimistic about the continent's economic future.