Report released by the World Bank say growth in Sub-Saharan Africa remained slow through 2019
In a report released on October 9, the World Bank said growth in Sub-Saharan Africa remained slow through 2019.
According to the 20th edition of Africa’s Pulse, the World Bank’s twice-yearly economic update for the region, growth was hampered by persistent uncertainty in the global economy and the slow pace of domestic reforms.
Overall growth in Sub-Saharan Africa is projected to rise to 2.6 percent in 2019 from 2.5 percent in 2018, which is 0.2 percentage points lower than the April forecast.
This edition of Africa’s Pulse includes special sections on accelerating poverty reduction and promoting women’s empowerment.
The World Bank said global uncertainty is taking a toll on growth well beyond Africa, and real GDP growth is also expected to slow significantly in other emerging and developing regions.
The Middle East and North Africa, Latin America and Caribbean, and South Asia regions are expected to see even larger downward revisions in their growth forecasts than in Sub-Saharan Africa for 2019.
Beyond Sub- Saharan Africa’s regional averages, the World Bank said the picture is mixed.
The recovery in Nigeria, South Africa, and Angola-the region’s three largest economies-has remained weak and is weighing on the region’s prospects.
In Nigeria, growth in the non-oil sector has been sluggish, while in Angola the oil sector remained weak.
In South Africa, low investment sentiment is weighing on economic activity.
Excluding Nigeria, South Africa, and Angola, The World Bank said growth in the rest of the subcontinent is expected to remain robust although slower in some countries.
The average growth among non-resource-intensive countries is projected to edge down, reflecting the effects of tropical cyclones in Mozambique and Zimbabwe, political uncertainty in Sudan, weaker agricultural exports in Kenya, and fiscal consolidation in Senegal.
Check out our GBS TV blog post for more trending news.