S Africa will host economic forum on Africa

News ID: 3965730 -
PRETORIA, Apr. 30 (MNA) – South Africa will host the 27th World Economic Forum (WEF) on Africa, which will take place next week, to focus on achieving inclusive growth in the continent.

The WEF will take place at the Albert Luthuli International Convention Center in Durban from 3 to 5 May 2017 under the theme Achieving Inclusive Growth: Responsive and Responsible Leadership, SA News reported.

The South African Government welcomes this opportunity for South Africans to engage in dialogue on potential investment opportunities, deeper regional integration and a renewed commitment towards sustainable growth and development in Africa, the official information agency added.

According the WEF on Africa website, Africa is facing a mixed outlook for growth.

The economic growth forecast for the continent over the coming year is expected to be lower than the 5% average of the past decade. This is largely due to the dip in commodity prices and the economic slowdown in China.

That said, a number of countries are growing above 6% per annum and foreign direct investment inflows continue to rise, SA News pointed out.

Overall, the divergence of Africa economies makes it imperative to address the challenges posed by a growing unemployed youth population and climate change, among others.

According to the WEF, the impact of the headwinds for commodity-dependent countries has refocused attention on the urgency of economic diversification, revitalization of manufacturing and harnessing of human innovation in order to weather the economic storm.

The Fourth Industrial Revolution offers new opportunities to achieve inclusive and sustainable growth by fast-tracking market integration in Africa through industrial corridors.

PL/MNA

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