African Development Bank - OCT 11

Source: OPEC 10/20/2011, Location: Africa

The African Development Bank (AfDB) has cut its 2011 estimate for African growth amid concerns that a global economic slowdown will hit regional trade. According to the bank, growth may be as low as 3.2% – as against the bank’s initial forecast of 3.7% – with South Africa being particularly hard hit. However, the AfDB is still projecting regional growth of 5.8% in 2012 – the highest level since 2007. Our forecast for Africa despite beingmore optimistic than the AfDB is of course subject to potential downside risks – particularly should the Chinese economy not have managed a soft landing.


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