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World Bank Forecasts 2015 Sub-Saharan Africa Economy

World Bank Forecasts 2015 Sub-Saharan Africa Economy


As reported by Xinhua News Agency, the latest report released by the World Bank today shows that the GDP growth rate of sub-Saharan Africa will remain at around 4.6% in 2015.Infrastructure investment, agricultural products and service industry are expected to be an important engine to promote moderate economic growth in the region this year.
The World Bank released in the report that the economic growth rate of sub-Saharan Africa will gradually reach 5.1% in 2017, which is 4.5% in 2014, with the increase of infrastructure investment and grain output as well as the expansion of service industry.
The report pointed out that the boost effect of commodity prices and capital flow will slow down in 2015. Meanwhile, the emerging markets ’demands have decreased. Although the decline of commodity price will influence export countries, the economic growth of most low-income countries in the region will remain strong due to infrastructure investment and agricultural development.
As an importance frontier market, Kenya’s public investment is expected to increase public investment in 2015. Its tourism industry will gradually recover, and its economy will further increase. Kenya will continue to take advantage of the international bond market to raise fund for its infrastructure projects.
The World Bank believed that the sub-Saharan Africa will continue to face the risks of internal or external factors in 2015, although these risks are fading. As far as the internal factor is concerned, the Ebola outbreak may further spread beyond the previously expectation,which will affect the confidence of investor and seriously disturb the cross-border trade and supply chain. 
As far as the external factor is concerned, the international financial market turmoil is increasingly serious and the commodity price is lower, which will bring negative impact on the economic prospects of the region. “The further lower oil price or maintenance at the current low price, will hinder the economic development in the region, although oil net importer country may benefit from it.”