MEFMI Region – Fastest Growing in Sub-Saharan Afrcia

The MEFMI Executive Director Dr Caleb Fundanga made a presentation at a luncheon hosted by the Norwegian Ministry of Foreign Affairs in Oslo, Norway.

In his presentation Dr Fundanga pointed out that the MEFMI region is among the fastest growing regions in Sub-Saharan Africa.  As at end 2013, the estimated GDP for the region was US$191.3 billion, equivalent to 20% of GDP in Sub-Saharan Africa and 14% in Africa. Major economic activities are agriculture, mining, tourism and services.

He stated that this favourable economic growth was supported by favourable domestic and external global demand for goods and services, following economic recovery in the advanced economies. This growth performance places the MEFMI region second to East Asia and the Pacific, which grew at 7.2% in 2013.

Albeit the looming global market turmoil in industrialised countries and unfavourable geopolitical developments, including the Ebola disease, economic growth in the MEFMI region is projected to be enhanced in 2014, buoyed by increased investment in natural resources, particularly minerals, oil, natural gas, agriculture as well as infrastructure development.

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