Fitch: Some African countries stable through downturn

Fitch Ratings said in a special report that ongoing economic liberalization and public investment will continue to underpin sub-Saharan Africa's economic prospects, after helping to mitigate the impact of the global recession during the last two years.

The region saw economic growth slow in 2009 to 2.1% - the lowest since 1994 - but escaped recession, Fitch said. Current account and fiscal deficits, though widening, did not deteriorate severely, the agency said.

Although this partly reflects weaker global integration of both financial and trade systems, it also speaks to the region's improved resilience following almost a decade of economic reforms, Fitch said.

Oil exporters, such as Nigeria and Angola, faced more pressure than other countries, despite entering the crisis with substantial reserves, due to weak and delayed policy responses, the agency added.

The region's ratings were mostly stable throughout the global financial crisis and recession, with similar numbers of positive as negative outlooks assigned. Three negative outlooks were assigned - South Africa, Ghana and Lesotho, but Rwanda, Uganda, Angola and the Seychelles have a positive outlook, Fitch said.

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