A new report released by the World Bank places Liberia amongst the world’s fastest growing economies.
Liberia’s latest upward movement amongst the world’s top economies, according to Madam Shanta Davaranja, World Bank’s Chief Economist for Africa, comes as a result of recent discovery and development of natural resources in the economies of said countries as well as direct foreign investments.
“In 2012, about a quarter of African countries grew at 7 percent or higher and a number of countries, notably Sierra Leone, Niger, Cote’ d’Ivoire, Liberia, Ethiopia, Burkina Faso and Rwanda, are amongst the fastest growing in the world” Madam Devaranja disclosed in Monrovia Monday through a video conference gathering that received huge attention across the globe.
“Economic growth in Sub-Saharan Africa is likely to reach more than 5 percent on average in 2013-2015 as a result of high commodity strong consumer spending on the continent, ensuring that the region remains amongst the fast growing in the World” the World Bank’s latest Africa Pulse, a twice yearly analysis of the issues shaping Africa’s economic prospects, said in its latest global economic ranking.
Despite attractive growths in the economies of these countries, the World Bank said in its report Monday that more needs to be done to reduce poverty on the African continent.
Although Governments in Africa have shown some positive attitudes that have led to the cutting down of poverty rate in Sub-Saharan Africa, the World Bank said that Less Poverty significantly remains elusive.
In order to tackle the issue of poverty reduction on the African continent, WB suggested that African governments must invest in the informer sector, particularly agriculture, since in fact, “about 79% of poor African communities are mainly surviving on agriculture.”
“Welcoming the new assessment that Africa continues to grow faster than the global average in the World, 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 Hom of Africa, and that significantly more energy and agricultural productivity were needed to raise the quality of life of Africans throughout the continent and reduce poverty significantly” The World Bank’s report indicated.
Adding “African countries will need to bring more electricity, nutritious food, jobs and opportunity to families and communities across the continent in order to better their lives, end extreme poverty, and promote shared prosperity.”