The International Monetary Fund (IMF) and the Government of Mozambique will host a high-level conference on Africa Rising: Building to the Future in Maputo, Mozambique, on May 29-30 that will bring together policymakers, the private sector, and civil society from sub-Saharan Africa and beyond to discuss the challenges facing the region as it builds upon the strong economic gains made since the 2008 global economic crisis.
“The gains of the last decade, during which many countries in sub-Saharan Africa saw sustained high rates of economic growth and an impressive reduction in poverty, have been nothing short of remarkable,” said IMF Managing Director Christine Lagarde. “However, there is still a long way ahead to meet the aspirations of the continent: extreme poverty is still too prevalent and there are new challenges posed by the global economy. Now is the time to look at the policies that will take the region to the next phase of its economic development.”
The IMF’s latest “Regional Economic Outlook for Sub-Saharan Africa” from April projected economic growth in Sub-Saharan Africa to pick up to about 5.4 percent this year and 5.5 percent in 2015 from 4.9 percent in 2013. Excluding South Africa, growth is expected to reach 6.5 percent in 2014 and 2015. This acceleration reflects improved prospects in a large number of countries in the region, including most oil exporters and several low-income countries and fragile states. Economic activity in the region continues to be underpinned by large investments in infrastructure and mining, and maturing investments. However, African countries need to adjust to slower growth in emerging market countries that have helped boost regional growth in recent years, and tighter global credit conditions.
The Africa Rising Conference will bring together more than 300 participants, including finance ministers and central bank governors from throughout the region. Speakers will also represent development partners, including countries such as Australia, Brazil and China, the private sector and civil society. Among the issues they will discuss will be inclusive growth, structural transformation, natural resources management, and how the IMF can continue to support African countries’ economic growth.