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Global slowdown will hit Africa —Okonjo-Iweala
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Okonjo-Iweala
World Bank managing directorNgozi Okonjo-Iweala, told the World Economic Forum in Davos, Switzerland, Thursday that the threat of a US recession posed a dilemma for African countries as it could cut short the continent’s recent growth spurt.
She said the recession would depress prices for metals and other industrial materials.
“At the same time, however, global food prices continue to soar due to relatively inelastic demand and supply constraints,” she said.
These views echo those of the World Bank’s chief economist for Africa, John Page, who visited South Africa in November last year.
He said Africa was still vulnerable to external shocks and declines in commodity prices, and policy makers could not sit on their laurels, and needed to plan ahead.
African economies collapsed over 1975-1985, stagnated between 1985-1995, but then turned the corner to an extent over 1995-2005.
The World Bank, according to its Africa Development Indicators report released late last year, and before the current US shudders, sees growth in sub-Saharan Africa at 5.3% last year and then at 5.4% this year.
“At the same time, however, global food prices continue to soar due to relatively inelastic demand and supply constraints,” she said.
These views echo those of the World Bank’s chief economist for Africa, John Page, who visited South Africa in November last year.
He said Africa was still vulnerable to external shocks and declines in commodity prices, and policy makers could not sit on their laurels, and needed to plan ahead.
African economies collapsed over 1975-1985, stagnated between 1985-1995, but then turned the corner to an extent over 1995-2005.
The World Bank, according to its Africa Development Indicators report released late last year, and before the current US shudders, sees growth in sub-Saharan Africa at 5.3% last year and then at 5.4% this year.
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