The World Bank on Wednesday said it would be meaningless for Zambia and other countries in Africa to praise their economic growth if the growth was not affecting local people.
World Bank’s Chief Economist in Africa, Francisco Ferreira, made the remark at the launch of the Africa Pulse Report Development in Lusaka.
Ferreira said development should be taken to rural areas where people were facing challenges.
He added that Zambia and other African nations should ensure more investment in rural infrastructure such as roads in order to open up small-holder farmers to markets.
Nigeria this week launched a report on its Gross Domestic Product rebasing, in which it declared the country the largest economy in Africa.
Going by the report, Nigeria has overtaken South Africa as the largest economy in Africa.
However, several Nigerians are of the opinion that the report is just a mere paper work as the effect of the alleged growth in economy is not being felt by Nigerians.
President Goodluck Jonathan admitted this much when he said he would not celebrate the outcome of the report until Nigerians begin to feel the impact of the much touted economic growth.
A day after the release of the report, the Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, admitted that Nigerians are now living in worse conditions than some years back.
Meanwhile, Ferreira said Zambia’s economy was likely to be affected if the demand for copper remained weak.
According to the Pulse report, the sub-Saharan African region’s economic growth is expected to reach 5.2 per cent this year, an increase from last year’s 4.7 per cent expansion.
Xinhua/NAN.
