Business

Growth in sub-Saharan Africa to rise to 2.9 percent

Growth in sub-Saharan Africa to rise to 2.9 percent — World Bank

Growth in sub-Saharan Africa is expected to rise to 2.9 per cent in 2020. According to the World Bank on Tuesday in its January 2020 Global Economic Prospect report.

The bank cited improved investor confidence in some large economies, easing of energy hurdles, a rise in oil production, which led to a recovery in oil exporters, as indicators.

It also mentioned robust growth among agricultural commodity exporters within the region.

This is a weaker forecast than previously expected. And it reflects a softer demand from key trading partners, lower commodity prices and adverse domestic developments in several countries.

In South Africa, growth is expected to pick up to 0.9 per cent. In Nigeria, growth will likely edge up to 2.1 per cent while Ghana is expected to accelerate to 6.8 per cent.

Kenya’s growth is seen scaling up to 6 per cent.

In the West African Economic Monetary Union, growth is expected to be steady at 6.4 per cent, the Bretton Wood institution said.

Sub-Saharan Africa’s opportunities are vast, and its challenges persistent. Home to the world’s largest free trade area and a 1.2 billion-person market.

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