BusinessDay... the voice of business: Global slowdown will hit Africa —Okonjo-Iweala 

Global slowdown will hit Africa —Okonjo-Iweala 
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BD,S/Africa on 24 January, 2008 01:00:00
 
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.