Fitch: Sub-Saharan Africa Economy Improving

Posted August 16th, 2011 at 11:50 am (UTC-5)
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One company that rates investments around the world, Fitch, says Sub-Saharan Africa will continue with “robust” economic growth if it can overcome problems with infrastructure and governance.

Tuesday's report from Fitch says the region's annual growth rate slowed to 2.8 percent in 2009 during the global economic crisis. Growth rebounded to 5 percent in 2010, and may reach 5.5 percent this year.

The report says better management of the economy, economic liberalization, improved political stability and democratization have helped speed growth in the long term. Rising prices for commodities produced in Africa, debt relief, the spread of mobile phones, and growing demand from China and other emerging markets are currently helping the economy expand.

Fitch also says growth is still hampered by poor highways, a lack of railroads, and problems with corruption.