Despite the the current Ebola epidemic in West Africa, a new World Bank report predicts that Africa will be one of fastest growing regions over the next two years. CCTV America’s Rachelle Akuffo interviewed Francisco Ferreira, chief economist for Africa at the World Bank about how the continent is bucking the trend of weak global growth.
“Africa is able to buck that trend in two ways. On the one hand in a number of cases it increased the volume of production of natural resource commodities. So, even though prices have fallen, the increase in volume has more than compensated for it and economies have been able to sustain their growth,” he said. “Another thing Africa has done is to diversify away from natural resource dependence exclusively and towards faster growth towards services sector.”