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Is the U.S. Really on the Upswing? Just Don’t Compare it to Africa…

By Tim Shirk | Wed Oct 06 2010

While the Economic Times reports a third straight downward revision for the U.S. growth rate, nations across Africa are enjoying strong futures.
The U.S. rebound from a soft mid-year still leaves 2011 predictions for real GDP growth rate at 2.5%.
Meanwhile, Sub-Saharan Africa is predicted to more than double the U.S. The IMF calculates an average growth rate of 6% in 2011 with more than a few countries fueling that explosion. African Development Bank is most bullish on Ethiopia, who leads the way with 10.9% growth while also projected to hit all Millennium Development goals by 2015. Rwanda and Zambia are also expected to be strong around 6-6.7%. Botswana is predicted at 8.3% and Uganda recent oil discovery has them hovering around 7% as well. Tanzania exceeds the average as it directly benefits from the regional growth due to strength in food exports.
If these numbers seem too uncertain or unpersuasive, simply consider an indicator the U.S. is all too familiar with – Walmart has made a bid for Massmart, a consumer goods chain with stores throughout the region.
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