Southern Africa will be the slowest in the continent to rebound from global financial crisis, the Organization for Economic Cooperation and Development said. The region’s economy will expand about 4 percent this year and in 2011, while East Africa’s economic growth, the fastest in the continent, is projected at more than 6 percent, OECD said in a joint report with the African Development Bank and the United Nations Economic Commission on Africa. Overall growth in Africa is estimated at 4.5 percent this year and 5.2 percent in 2011. The report noted that Africa has recovered faster from the crisis as governments scaled up spending to make up for export losses, according to Bloomberg.
Poor governance, and weak transport and power infrastructure are the main hindrances in Africa’s development, according to think tank Africa Progress Panel. The group’s annual report said that Africa’s ties with emerging economic leaders such as China are having a “significant impact” in the continent, Reuters reports.