After more than a half decade of consecutive year of sustained growth, real gdp growth is expected to slump to 3% in 2009, as the crisis hits. While the crisis effects the entire world and developed countries fall into recession, the picture for Africa, while fragile, is not without hope.

1. 23 April 2009 José Gijon Spalla Head, Africa Desk OECD Development Centre Africa and the global crisis: Impact and way forward Africa Forum, Paris 5 June, 2009

2. Growth Africa still growing despite the crisis Source : OECD Development Centre / African Development Bank, 2009 Δ = 6.6% Δ = 4.1% Δ = 3.5% Δ = 4.8% Real GDP Growth (%)

6. Global Crisis Fiscal balances will deteriorate significantly * Including grants ** Excluding Zimbabwe , Estimations for 20078and predictions for 2009/10 Source : OECD Development Centre / African Development Bank, 2008 Source : OECD Development Centre, African Economic Outlook, 2009 Inflation Current Account Fiscal balance 2008 (e) 2009 (p) February 2009 (p) May External Current Account* (% GDP) 3.3 -4.4 -5.3 2008 (e) 2009 (p) February 2009 (p) May Overall fiscal balance* (% GDP) 2.8 -5.4 -5.8 2008 (e) 2009 (p) February 2009 (p) May Consumer prices 11.6 8.1 8.4

9. 23 April 2009 José Gijon Spalla Head, Africa Desk OECD Development Centre Africa and the global crisis: Impact and way forward Africa Forum, Paris 5 June, 2009