By J C Suresh
IDN-InDepth NewsReport
TORNOTO (IDN) – A new report by the World Bank highlights the resilience of African economies despite global slowdown caused by the Euro-zone crisis and decline in growth in emerging economies, particularly China – an important market for the continent’s mineral exports.
In fact, new oil, gas and mineral wealth offer an opportunity for inclusive development. But strong growth rates could yet be vulnerable to deteriorating market conditions in the Euro-zone, the report warns.
So far, consistently high commodity prices and strong export growth in those countries which have made mineral discoveries in recent years, have powered economic activity and are expected to buttress Africa’s economic growth for the rest of 2012, according to the World Bank’s new Africa’s Pulse. African countries’ share in global reserves and annual production of some minerals is sizeable.