IMF says Africa bouncing back from global crisis

The International Monetary Fund says much of Africa is recovering fast from the global financial crisis and predicts the region will register the second highest growth rates in the world, after Asia.

The Washington-based institution says sub-Saharan Africa's economic growth will be 5 percent this year and 5.5 percent next year. But the IMF says the region has still not recovered fully from the crisis.

Sub-Saharan Africa refers to 42 countries on the continent, excluding North Africa, Sudan and some smaller nations.

The IMF says the region's recovery is faster than during the previous global economic crises of the 1980s and 1970s because it recorded high economic growth rates before the latest crisis and had lower budget deficits.