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WEF Forum: African economic growth "low quality"

05-06-2011 14:11 BJT

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The World Economic Forum on Africa is being held in the South African capital of Cape Town. According to the Africa Progress Panel of Kofi Annan, the former UN chief, the continent is rebounding better than most regions from the global recession. The IMF is also optimistic, predicting that Africa's GDP will grow by 5.5 percent this year, and by 5.8 percent 2012.

According to African Development Bank, the continent's middle class is growing at a compounded rate of around 3 percent per year. The middle class now accounts for 300 million of the region's one billion population. But, in an assessment released at the Forum, Annan's panel called the growth "low quality." The report said that the region is still over-dependent on the export of raw materials, and that not enough trade is happening between African countries.

Editor:Xiong Qu |Source: CNTV.CN

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