The International Monetary Fund this week painted yet another gloomy picture, cutting its 2012 forecast for Africa along with most other countries around the world. In its latest World Economic Outlook, the IMF shaved its 2012 projections for Africa to 5 percent from 5.4 percent.
But it’s not all gloomy for Africa, once called ”the doomed continent” by the Economist. With its eyes set on next year, the IMF revised up its 2013 outlook to 5.7 percent from 5.3 percent.
Sharing this optimistic outlook for Africa’s future is Africa-focused Russian bank Renaissance Capital:
We expect… Africa’s GDP to increase from $2 trillion today to $29 trillion by 2050…By 2050 Africa will produce more GDP than the combined US and Eurozone do today.
Citing African mobile communications company MTN and Kenya’s Equity bank as examples of a promising future for the continent, Charles Robertson, global chief economist at Renaissance, has expressed his enthusiasm about Africa as an investment paradise in a book called “The Fastest Billion – The Story Behind Africa’s Economic Revolution” which will be published later this month.