ECONOMY
WORLD BANK: DONOR DEFICITS COULD CUT DEVELOPMENT ASSISTANCE
Baku, June 11 (AZERTAC). The World Bank says slower economic growth in developed countries will mean less investment in the developing world and smaller markets for some African producers, according to VOA.
The World Bank`s report on global economic prospects for 2010 shows uneven growth in Africa.
In Botswana, the key diamond mining sector is leading an economic recovery that is expected to push gross domestic product up by as much as five percent this year.
In Nigeria, business leaders and consumers say they are having trouble getting loans because last year`s $4 billion central bank bailout of failing commercial banks has tightened up credit. When there is money to lend, interest can be as high as 20 percent.
Andrew Burns manages global macroeconomics at the World Bank. He says the impact of the global financial crisis on sovereign debt could make credit more expensive and curb investment in emerging markets.