| | Output growth for Africa as a whole in 1994 (c. 2.6 per cent) was better than that of the previous year, but the declining trend of per capita income which started in 1990 continued. The improvement on 1993 (when growth was under 1 per cent), however, came from large changes in Morocco and Kenya, and also a general improvement from the boom in commodity prices. Estimates for Africa as a whole by the African Development Bank suggest a growth of output of 3.6 per cent in 1995 and 5 per cent in 1996 and 1997. In the longer term, output is forecast to grow by 4 per cent a year during the period 1995-2004, with several countries expected to outperform this average. These projections imply an annual increase in GDP per capita of around 1 per cent. The IMF country forecasts suggest strong improvements for many countries, including Algeria, Cameroun, Côte d'Ivoire, Nigeria and significant improvements for some of the rest, with a fall in output for Morocco. The IMF predicts a rate of growth for Africa as a whole of 3.7 per cent in 1995. The UN forecasts growth of 3.25 per cent. The consensus forecast is for growth slightly above the rate of population increase. |
