How will the Global Financial Crisis Effect Africa; a blessing in disguise?
Africa in Business By Scherzando Karasu “ They say that when America sneezes, Europe Catches a Cold, Asia develops Pneumonia and Africa’s Tuberculosis gets worse. This is what we are beginning to see”. Raila Odinga, Prime Minister of Kenya 8th of October 2008 The former United Nations Secretary General Kofi Annan has said that Africa was facing the equivalent of a “Tsunami” and Dominic Strauss Kahn of head of the International Monetary Fund, told a conference in Dar-es-Salaam Tanzania on March 17th, “The crisis has turned worse than even our relatively pessimistic forecast”. Despite all of this apocalyptic doom and gloom, the Economist’s World growth league table for 2009 is predicting that Sub-Saharan Africa (SSA) will perform better than other emerging markets. Fully 15 of the top 20 top-performing economies in 2009 are in this region, led by Malawi and Angola and indeed several African Nations will buck the global trend and experience a pick-up in real GDP growth. S...