Sub-Saharan Africa’s economic growth will shrink for a second year in a row in 2023 before rebounding in 2024, the International Monetary Fund (IMF) said on Tuesday in a report in which it cut its forecasts for economic expansion.<\/p>\n
Growth\u00a0in the region\u00a0is expected to fall to 3.3% this year from 4% last year, before rebounding to 4% in 2024, the IMF said in its World Economic Outlook report.<\/p>\n
That is slightly lower than the IMF predicted in July, when it said Sub-Saharan Africa would grow 3.5% in 2023 and 4.1% next year.<\/p>\n
Russia’s invasion of Ukraine, after COVID-19 had already dealt the global economy a heavy blow, sent food, fuel and fertiliser prices soaring in Africa last year. Weakening currencies, higher debt service costs and restricted access to capital markets added to debt pressures.<\/p>\n
The 2023 growth forecast for oil producer Angola was slashed from an April projection of 3.5% to 1.3%, while Nigeria’s was trimmed from 3.2% to 2.9%. South Africa, whose economy is hobbled by record power cuts, will grow just 0.9% this year.<\/p>\n
Kenya’s growth will accelerate 5% this year, the IMF said, up from 4.8% in 2022, despite its government\u00a0cutting budgets\u00a0amid soaring debt costs. Tanzania and Senegal are also set to see higher growth this year.<\/p>\n
Annual inflation across the region, which has seen violent protests against the cost of living in countries including Ghana and Kenya, is expected to be 16.2% at the end of this year.<\/p>\n
That would be the same as 12 months earlier, the IMF said, before it falls to 10.5% at the end of next year.<\/p>\n","protected":false},"excerpt":{"rendered":"
Sub-Saharan Africa’s economic growth will shrink for a second year in a row in 2023 before rebounding in 2024, the International Monetary Fund (IMF) said on Tuesday in a report in which it cut its forecasts for economic expansion. Growth\u00a0in the region\u00a0is expected to fall to 3.3% this year from 4% last year, before rebounding […]<\/p>\n","protected":false},"author":1,"featured_media":9190,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"Reuters","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"0","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"0","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"1","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_social_meta":[],"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[32],"tags":[1163,1575],"class_list":["post-9472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-international-monetary-fund-imf","tag-sub-saharan-africas-economic-growth"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/9472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=9472"}],"version-history":[{"count":0,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/9472\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/9190"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=9472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=9472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=9472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}