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STORY: WORLD BANK / AFRICA’S PULSE
TRT: 1.58
SOURCE: WORLD BANK
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / FRENCH / NATS
DATELINE: 12 APRIL 2013, WASHINGTON DC, UNITED STATES
FILE - AUGUST 10 2012, NAIROBI, KENYA
1. Tracking shot, highway from car
2. Tracking shot, housing developments from car
3. Tilt down, from sky to street with businesses
4. Wide shot, traffic and pedestrians on street
FILE – JANUARY 11 2012, MAPUTO, MOZAMBIQUE
5. Various shots, woman at a computer
FILE - JANUARY 11 2012 SENEGAL/MALI BORDER
6. Various shots, trucks at border crossing
FILE – 16 JANUARY 2012, NAIROBI, KENYA
7. Various shots, goods on shelves at the Westgate Shopping Mall and people shopping
APRIL 2013, WASHINGTON DC, UNITED STATES
8. SOUNDBITE (English) Punam Chuhan-Pole, World Bank Africa Region Lead Economist, Report Author:
“The report finds that African countries grew at a brisk pace in 2012, despite the weak global economy. Indeed, Africa’s growth was twice as fast as that of the global economy. Several countries in Africa grew at rates of seven percent or higher, making them among the fastest growing countries in the world. Several African countries, Rwanda, Ethiopia, Ghana, Mozambique have been growing at strong rates for two three years. This is good for the region and these countries and shows that growth is sustained.”
FILE – 31 JULY 2012, NAIROBI, KENYA
9. Med shot, walking feet on side of road
FILE – 15 MARCH 2013, ENHOUD, NORTH SUDAN
10. Various shots, crops market with goods broker weighing goods on scale and calculating purchase price
FILE - 31 JULY 2012, KIGALI, RWANDA
11. Various shots, market
APRIL 2013, WASHINGTON DC, UNITED STATES
12. SOUNDBITE (French) Shanta Devarajan, World Bank Africa Region Chief Economist
“The African continent witnessed a high growth rate, approximately 5% per year, but this has not been enough in order to quickly reduce poverty. The reduction in poverty has been slow. So we must make sure that mineral wealth reaches the poorer citizens and promote agriculture.”
FILE - 10 JANUARY 2012, MAPUTO, MOZAMBIQUE
13. Wide shot, small vendor on curbside
Economic growth in Sub-Saharan Africa is likely to reach more than 5 per cent on average in 2013-2015 as a result of high commodity prices worldwide and strong consumer spending on the continent, ensuring that the region remains amongst the fastest growing in the world -- according to the World Bank’s latest Africa’s Pulse, a twice-yearly analysis of the issues shaping Africa’s economic prospects.
In 2012, about a quarter of African countries grew at 7 per cent or higher and a number of African countries, notably Sierra Leone, Niger, Cote d’Ivoire, Liberia, Ethiopia, Burkina Faso and Rwanda, are among the fastest growing in the world.
The new World Bank report forecasts that medium-term growth prospects remain strong and will be supported by a gradually improving world economy, consistently high commodity prices, and more investment in regional infrastructure, trade, and business growth.
Welcoming the new assessment that Africa continues to grow faster than the global average, the World Bank’s Vice President called on the need for faster progress in areas such as electricity and food in the vulnerable areas of The Sahel and the Horn of Africa, and that significantly more energy and agricultural productivity were needed to raise the quality of life for Africans throughout the continent and reduce poverty significantly.
Africa’s Pulse says that recent discoveries of oil, natural gas, copper, and other strategic minerals, and the expansion of several mines or the building of new ones in Mozambique, Niger, Sierra Leone, and Zambia, together with better political and economic governance, were sustaining solid economic growth across the continent.
Looking forward, it is expected that by 2020, only 4 or 5 countries in the region will not be involved in mineral exploitation of some kind, such is Africa’s abundance of natural resources.
The World Bank says that given the considerable amounts of new mineral revenues coming on stream across the region, resource-rich African countries will consciously need to invest these new earnings in better health, education, and jobs, and less poverty for their people in order to maximize their national development prospects.
Consumer spending and private investment up
Consumer spending, which accounts for more than 60 per cent of Africa’s GDP, remained strong in 2012.
This trend was driven by declining inflation, which fell from 9.5 percent in January 2012 to 7.6 percent in December 2012; improved access to credit, for example in Angola, Ghana, Mozambique, South Africa, and Zambia; lower interest rates--for every interest rate hike there were three cuts; and a rebound in agricultural incomes, thanks to more favorable weather conditions in countries such as Guinea, Mauritania and Niger, which all experienced better rains compared with the 2010/2011 crop year; and the steady remittance inflows, which are estimated at $31 billion in 2012 and 2011.
Increased investment flows are supporting the region’s growth performance. In 2012, for example, net private capital flows to the region increased by 3.3 percent to a record $54.5 billion; and foreign direct investment inflows to the region increased by 5.5 percent in 2012 to $37.7 billion.
Africa’s Pulse notes that exports are also driving the continent’s growth and that the traditional destination of these goods over the last decade is changing as well. Since 2000, the overall growth of Sub-Saharan exports to emerging markets, including those of China, Brazil and India, and to countries in the region has surpassed that to developed markets. Total exports to Brazil, India and China were larger than to the EU market in 2011.
Africa’s impressive growth has not reduced poverty enough
After more than a decade of strong economic growth, the World Bank says that Africa has been able to cut poverty on the continent, but not by enough.
Future offers prospects of more growth, much less poverty, and shared prosperity
Africa’s Pulse suggests that a number of emerging trends on the continent could help to transform its current state of development over the coming years. These include the promise of large revenues from mineral exploitation, rising incomes created by a dramatic expansion of agricultural productivity, the large-scale migration of people from the countryside into Africa’s towns and cities, and a demographic dividend potentially created by Africa’s fast-growing population of young people.
