World Bank says Africa Should Move Ahead with Plans of Developing Transport and Energy Networks
On Friday, the World Bank said that Africa should move ahead with its plans of developing its transport and energy networks although a slowdown plagued its GDP growth. Better infrastructure is the main ingredient that attracts long term developments according to the head of the World Bank.
Jim Yong Kim said, to make things work out, the governments require maintaining the macro-economic stability that will permit in attracting capital investments that are willing to commit to the African continent although investment in growing markets are moving at their slowest pace in almost thirty five.
In 2015, the GDP growth in sub-Saharan Africa is likely to be at 3.7 percent, which is its noted lowest level since 2009. It is also less as compared to the average growth rate in the past twenty years as per figures from the World Bank.
The continent's main commodity producers like Ghana may face a problem of over production and other problems due to a drop in prices and demand.
The growing African population also makes it very important for the countries to stabilize their economies in case they want to absorb young people in the labor market with a long term view.
Kim said, "Right now we have to do everything we can to bring together the bankable (infrastructure) projects that even in a period of low growth will attract private investors."
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