The World Bank’s analysis of Africa’s economies which is published in Africa’s Pulse has placed Sierra Leone on top of China as one of the world’s fastest growing economies.
Authored by the Chief Economist of the World Bank with data from the Development Prospects Group Sierra Leone was ranked top among the list of “fastest growing countries in the World.
With an estimated growth rate of about 18%, Sierra Leone topped China which is seen as one of the most resielient economies which clocked a growth rate of nearly 9%. The difference says economists is that Sierra Leone’s growth rate is seen as shooting up there for the first time whereas China’s much bigger and diversified economy has shown a steady growth rate over the years. Giving an overview of recent developments in Sub-Saharan Africa the publication notes that “In 2012, the region’s growth was estimated at 4.7 percent. Excluding South Africa, the region’s largest economy, the remaining economies grew at a robust 5.8 percenthigher than the developing country average of 4.9 percent. About a quarter of countries in the region grew at 7 percent or better, and several African countries, are among the fastest growing in the world (Figure 2).”The analysts went on “Overall, the region is forecast to grow at more than 5 percent on average over the 2013-15 period: 4.9 percent in 2013, gradually strengthening to 5.2 percent by 2015.”