Printer Friendly
The Free Library
19,607,059 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

Chinese growth would boost Africa: bank chief


African Development Bank chief Donald Kaberuka Donald Kaberuka (born October 5 1951) is a Rwandan economist and the current president of the African Development Bank.

Kaberuka was born in Byumba, Rwanda. He was educated at universities in Tanzania and the United Kingdom and received a Ph.D.
 on Tuesday Tuesday: see week.  said he was "confident" that if China's economy were to return to double-digit dou·ble-dig·it
adj.
Being between 10 and 99 percent: double-digit inflation. 
 growth, it would lift African growth to pre-crisis levels.

"The growth of Africa... is very much driven by China's demand for commodities," Kaberuka told journalists in Geneva Geneva, canton and city, Switzerland
Geneva (jənē`və), Fr. Genève, canton (1990 pop. 373,019), 109 sq mi (282 sq km), SW Switzerland, surrounding the southwest tip of the Lake of Geneva.
.

The latest Chinese growth figures "are around seven-nine percent, I think that's very promising," he added.

China in April said its economy grew 6.1 percent in the first quarter, while for the full year, it has set a growth target of 8.0 percent, a figure that it deemed is necessary to maintain stable employment and social order.

"If the Chinese economy continues on this trend, that would signal growth for African economies in the coming year," said Kaberuka.

"I'm confident that if the Chinese goes back to... double-digit figures, then the African economy will go back to six percent growth."

Africa as a whole recorded a growth rate of 6.0 percent in 2007 and 5.1 percent in 2008.

But a slump Slump

A temporary fall in performance, often describing consistently falling security prices for several weeks or months.
 in export demand and falling commodity prices have led the United Nations Economic Commission for Africa The United Nations Economic Commission for Africa (UNECA or ECA) was established in 1958 to encourage economic cooperation among its member states (the nations of the African continent).  to forecast in May that the growth in the continent would slow to a 20-year low of two percent in 2009.

Commodities-hungry China has become a main trading partner with Africa.

Chinese President Hu Jintao's visit earlier this year to Africa took him, however, to less resource-rich countries, a move seen as countering criticism of China's exploitation of the world's poorest nations.

Hu signed deals worth over 270 million dollars to fund infrastructure building in Mauritius and agreements in Tanzania worth more than 20 million dollars, covering agriculture, communications and technical cooperation.

Official Chinese figures show trade between China and Africa jumped 45 percent in 2008, with Chinese exports to the continent up 36.3 percent and its imports, mainly oil, soaring soaring: see flight; glider.
soaring
 or gliding

Sport of flying a glider or sailplane. The craft is towed behind a powered airplane to an altitude of about 2,000 ft (600 m) and then released.
 54 percent.

Kaberuka underlined the importance of Chinese demand for African commodities producing countries, saying that "we're all watching very carefully the trend of the Chinese economy."

At the same time, he also noted that other African countries which are dependent on foreign aid would still experience hard times ahead.

Some wealthy nations peg their foreign aid levels to a percentage of gross domestic product (GDP GDP (guanosine diphosphate): see guanine. ) growth.

In the current recession, "it is clear some of them will cut aid. I think they will," said Kaberuka, adding that the crisis has therefore not bottomed out for aid dependent countries.
Copyright 2009 AFP Global Edition
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright (c) Mochila, Inc.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Author:AFP
Publication:AFP Global Edition
Date:Jul 7, 2009
Words:405
Previous Article:Chinese growth would pull up Africa: AfDB chief
Next Article:Herath spins Sri Lanka to dramatic Test win



Related Articles
Standard Bank deal points to new China-Africa direction: China's acquisition of a 20% stake in Standard Bank, Africa's largest financial services...
Aid flows to Africa under threat as world recession bites: since the 2002 Monterey Consensus, global aid to developing countries has been rising, but...
Japan pledges $1.9bn in aid to Africa
China to boost Africa investment fund: FT
China to boost Africa investment fund: FT
Shape up for investors, Africa told at WEF
Shape up for investors, Africa told at WEF
Chinese growth would pull up Africa: AfDB chief
Chinese growth would boost Africa: bank chief
Chinese growth would pull up Africa: AfDB chief

Terms of use | Copyright © 2012 Farlex, Inc. | Feedback | For webmasters | Submit articles