Washington Post

Why Africa will remain an economic powerhouse despite the Ebola virus

Africa is expected to remain one of the world's fastest-growing regions next year despite the outbreak of the deadly Ebola virus, according to a new World Bank report.

Artiklens øverste billede
Under the World Bank's worst-case scenario, the Ebola disease could cost the three most highly affected countries - Liberia, Guinea and Sierra Leone - more than $800 million over the next few years.

Africa is expected to remain one of the world's fastest-growing regions next year despite the outbreak of the deadly Ebola virus, according to a new World Bank report.

The organization estimates the African economy will grow 5.2 percent over the next two years, up from 4.6 percent this year. The expansion builds on two decades of continuous growth as violence declines and political stability builds across the continent. In recent years, investors hunting for higher returns amid a slowdown in other emerging markets have flocked to Africa as a new frontier.

One of the countries expected to make a star turn this year is Nigeria, the region's largest economy. The World Bank estimated the pace of growth there picked up to 6.5 percent in the second quarter. Nigeria was able to quickly contain the outbreak of Ebola there and has a more diversified economy than many other African countries. According to the World Bank, about half of its GDP is driven by the services sector and non-oil industries are predicted to drive growth in the future.

Ebola, however, remains a threat. Under the World Bank's worst-case scenario, the disease could cost the three most highly affected countries -- Liberia, Guinea and Sierra Leone -- more than $800 million over the next few years. That could deal a devastating blow to what are already fragile states. However, the ripple effects through the rest of continent are still unclear; the three countries together make up only 1.5 percent of Africa GDP, according to the International Monetary Fund.

Ebola is not the only risk to Africa's rise. There's still the threat of violence from terrorist groups such as Boko Haram and Al Shabaab, the World Bank points out, as well as growing fiscal deficits in many countries. In addition, demand for commodities from countries such as China is expected to weaken.

The IMF on Tuesday downgraded its forecast for the global recovery, which Managing Director Christine Lagarde has characterized as "the new mediocre." But if Africa can overcome those obstacles, it could well buck that trend.

(c) 2014, The Washington Post.

Top job

Forsiden lige nu

Anbefalet til dig

Giv adgang til en ven

Hver måned kan du give adgang til 5 låste artikler.
Du har givet 0 ud af 0 låste artikler.

Giv artiklen via:

Modtageren kan frit læse artiklen uden at logge ind.

Du kan ikke give flere artikler

Næste kalendermåned kan du give adgang til 5 nye artikler.

Teknisk fejl

Artiklen kunne ikke gives videre grundet en teknisk fejl.

Ingen internetforbindelse

Artiklen kunne ikke gives videre grundet manglende internetforbindelse.

Denne funktion kræver Digital+

Med et Digital+ abonnement kan du give adgang til 5 låste artikler om måneden.

ALLEREDE ABONNENT?  LOG IND

Denne funktion kræver abonnement

Med et abonnement kan du lave din egen læseliste og læse artiklerne, når det passer dig.

Teknisk fejl

Artiklen kunne ikke tilføjes til læselisten, grundet en teknisk fejl.

Forsøg igen senere.

Del artiklen
Relevant for andre?
Del artiklen på sociale medier.

Du kan ikke logge ind

Vi har i øjeblikket problemer med vores loginsystem, men vi har sørget for, at du har adgang til alt vores indhold, imens vi arbejder på sagen. Forsøg at logge ind igen senere. Vi beklager ulejligheden.

Du kan ikke logge ud

Vi har i øjeblikket problemer med vores loginsystem, og derfor kan vi ikke logge dig ud. Forsøg igen senere. Vi beklager ulejligheden.