World Bank: Sub-Sahara Africa Sees Growth

WASHINGTON - Long lagging behind other regions of the world, sub-Sahara Africa is showing economic growth that could lift thousands of people out of poverty, the World Bank reported Saturday.

The trend is expected to continue this year as many African countries pursue sound economic policies, develop a good investment climate, battle corruption and use aid more effectively, according to the bank.

The boost of growth in Africa is important, Francois Bourguignon, the bank's chief economist, said at a news conference. Africa should build on it to keep closing the gap with the rest of the world, he said.

East Asia and the Pacific, which has grown at an average rate of 8 percent a year for the last 20 years, remained the top performer among the regions in 2004, with China achieving a growth rate of 10.1 percent, the survey said.

Growth in South Asia, which includes the robust Indian economy, has averaged 5.8 percent a year over four years ending in 2004, when it reached 6.7 percent.

Latin America and the Caribbean has the highest gross national income per capita of all developing country regions but the lowest growth rate, 2.1 percent, over the period 1995-2004.

Twenty of sub-Sahara Africa's 48 countries grew by more than 5 percent in 2004, the survey said. The recent surge in oil exports and the boom in oil prices have helped, pushing up growth rates among oil producers.

Fifteen non-oil producing countries have had a median growth rate of 5.3 percent since 1995, demonstrating potential for long-term growth, the survey said.