The World Bank and IMF have warned Africa that a fresh economic crisis could hit the continent hard in 2012. This downward trend has to do with ripple effects from the Eurozone financial crisis and weakening growth in emerging markets. The Daily Monitor reports:
The bank also cut its global growth forecast for 2012 to 5.4 percent from 6.2 percent for developing countries and 1.4 per cent from 2.7 per cent developed countries. The global growth is projected at 2.5 and 3.11 per cent for 2012 and 2013, respectively.