The economic rise of Mozambique: Could the African nation be a bright spot on the fiscal horizon?

While most of the world seems on course for at least some degree of economic slowdown, there are some bright spots on the fiscal horizon - and Mozambique is one of them. Despite a 15 year civil war, the country has seen a decade of growth averaging around seven per cent and most of that is thanks to massive infrastructure spending being used to develop the country's rich coal reserves.

The first export in 20 years was made just a year ago, but Mozambique has grand ambitions to become the world's biggest coal exporter within a decade. And coal is not the only resource at the government's disposal. If the recent discoveries of natural gas are confirmed, Mozambique will rank fourth in the world for natural gas reserves - behind Russia, Iran and Qatar. The government is planning to spend $50bn over the next decade to tap those reserves, and to create thousands of new jobs.

So there is plenty of reason for optimism, but with the overall unemployment rate still at 27 per cent, many people are still waiting for evidence that the government can deliver. Tania Page reports from the capital, Maputo. We also talk to Standard Bank Group's chief executive Jacko Maree about Mozambique and the reasons for Africa's economic rise.

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