In a report released Monday, the International Monetary Fund said that growth for the sub-Saharan region—which typically counts 47 countries excluding North Africa—should reach 5% this year, up from an earlier prediction of 4.5%. The IMF predicted annual growth would rise to 5.5% next year. The organization attributed the increase mainly to strong economic fundamentals, such as high levels of reserves and low inflation. But it also noted a marked shift toward trade with resource-hungry China and developing countries in Asia and Latin America.Neoliberal types have no sense of shame. The African economy starts growing and the first thing out their mouths is: "...strong economic fundamentals." That's absolute rubbish. All of this time you pretty much painted Africans as chimps with nations and guns; now that things are looking a little up, and no thanks to the IMF, Africans are pictured as ideal consumers who handle the economy rationally. No shame whatsoever! It's fucking investment that's behind this economic transformation. Not international aid, or those stupid and useless micro-loans, or your killer ESAP, but actual investments and trade. China is just doing things a little more fairly than Americans and Europeans ever have, and that little happens to be enough to make things happen in Africa.
Africa's growth acceleration has stirred interest among investors, since it comes as the U.S. and Europe are struggling to recover from the global slump. After China and India, Africa is seen as the next emerging, billion-person market—one that boasts not just mineral wealth but increasingly large pockets of consumer spending power, too.