African economies are through the worst of downturn, says AfDB President Adesina

Akinwumi Adesina, President, AfDB

African economies are probably through the worst of their downturns and growth should accelerate next year, driven by investments in infrastructure and attempts to diversify from commodities, according to the African Development Bank.

The continent’s growth rate may be around 3.5 percent this year, rising to 3.7 percent in 2017 and 4.2 percent in 2018, Akinwumi Adesina, the AfDB’s President, said in an interview in New York in late September.

“We have a situation of economic headwinds,” he said. “But African economies are quite resilient. We have 19 countries growing at 3 to 5 percent and 21 countries growing at over 5 percent. Africa isn’t falling apart. The ‘Africa Rising’ story isn’t over.”

Read more: African Economies Are Through the Worst of Downturn, AfDB Says – Bloomberg