Intra-Africa trade to play larger role in local GDP contributions

As growth in developed markets such as Europe, China and North Africa continue to stagnate, greater regional integration in Africa, amongst all role players, is needed to capitalize on the continent’s growth potential. This is according to Hennie Heymans, CEO of DHL Express Sub-Saharan Africa,who says that when comparing intra-regional trade statistics, Africa’s rates are amongst the lowest in the world, with less than 20% of what is produced in the region, remaining on the continent.
“This, in essence, means that over 80% of what is produced in Africa is exported, mainly to the European Union, China and the United States. In comparison, over 65% of Europe’s trade occurs on its own continent, and in North America, the figure is around 50%(1),” says Heymans.
According to the latest IMF April 2016 World Economic Outlook report, developing economies and emerging markets will continue to account for a large portion of the world’s economic growth in 2016, which is expected at a rate of 3.2%. The report also reveals that growth in sub-Saharan Africa is also expected to remain low this year, at 3%, down 0.4% from 2015. “Sub-Saharan Africa’s dwindling growth is influenced by factors such as slowed, moderate
growth in advanced markets such as China, as well as the downward revision of growth for the region’s oil-exporting countries.”

publish - Monday May 30, 2016

see more at: http://awoko.org/2016/05/30/sierra-leone-news-intra-africa-trade-to-play-larger-role-in-local-gdp-contributions/