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AFRICANGLOBE - The news that economic growth rates across the three major economies of the East African region are rising rapidly — and significantly above Africa as a whole — is an indication that diversification is becoming established, a report says.
AFRICANGLOBE - Faced with growing deficits, East African finance ministers resorted to new taxes to raise cash for a new slate of expensive but necessary infrastructure projects, while keeping soul and body together by keeping basic social spending intact.
The economies of East African Community member states grew by more than five percent last year making the region one of fastest growing in world. Danish Minister for Development Cooperation Christian Friss Bach said "an average growth of more than five percent is indeed impressive in a world where economic headlines are dominated by words such as crisis, regression, negative growth etc."