Business & Finance
Friday, December 17, 2010Audio: World Bank Director Cautions Africa Against Complacency
by Bernardino Avle, Operations Manager, Citi FM RadioShare this article:
A managing director of the World Bank, Mahmoud Mohieldin has asked African countries not be complacent in the face of their apparent recovery from the global financial crises.Speaking to newsmen after Africa Conference of Business and Governance, Mr. Mohiledin, who before his appointment was the Investment Minister of Egypt said although African countries were not as badly affected by the global financial crises as their more developed counterparts, the lack of demand for some of the continent’s exports and a shortage of investments, caused a drop in growth of about 1% within the period, leading to a number of development problems.
“This (1% drop in growth) means a lot to African countries because of the fact that they face are facing the challenges of high unemployment, the problems of poverty, and meeting the goals of sustainable development. So anything that could have even a slight impact is not a good thing.”
Mr. Mohieldin urged African governments not to repeat the mistake of focusing on a few sectors and commodities, but rather diversify their economies and invest in human capital and infrastructure, while opening up their economies to competition.
Listen to Bernardino's interview at Citi FM Radio.
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