Thursday, March 26, 2009

Africa faces deepening gloom


There was a shadow over the meeting of African finance ministers called by the International Monetary Fund even before it started.

But the gloom deepened at the start of the proceedings, when IMF Managing Director Dominique Strauss-Kahn told African delegates his latest assessment of the economic outlook.

For the world economy, it was a contraction, a decline in the total output of goods and services, which would be its worst performance in decades.

For Africa, his forecast was growth of just 3%. Allowing for increasing population, that leaves very little growth in average living standards and deepening poverty for many.

See full Article.