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Sub-Saharan Africa shows signs of economic recovery

Edward Tamba/Maximilian Kasseh,Jr.
World Bank
World Bank

MONROVIA-Economic growth in Sub-Saharan Africa is said to be recovering in 2017 after registering in 2016 the worst decline in more than two decades.

According to the World Bank’s Africa Pulse bi-annual analysis of the current state of African Economies, the region is showing signs of recovery and regional growth is projected to reach 2.6 percent in 2017.

The recovery, however, remains weak with growth expected to rise only slightly above population growth, a pace that hampers efforts to boost employment and reduce poverty, Africa also said in its analysis.

The document further noted that the continent’s largest economies, Nigeria, South Africa and Angola are recovering from the sharp slowdown in 2016, but the recovery had been slow due to insufficient adjustment to low commodity prices and uncertainty.

Furthermore, several oil exporters in the Central African Economic and Monetary Community are being faced with economic difficulties.

The latest data reveals that seven countries, including the Ivory Coast, Ethiopia, Kenya, Mali, Rwanda, Senegal and Tanzania are continuously exhibiting economic resilience, supported by domestic demand, posting annual growth rate above 5.4 % in 2015 and 2017.

These countries house nearly 27 % of the region’s population and account for 13 % of the region’s total GDP, Africa Pulse also noted.

The World Bank sponsored bi-annual analysis, however, emphasized that the continent’s aggregate growth is expected to rise to 3.2 % in 2018 and 3.5 percent in 2019, thus reflecting a recovery in the largest economies.

 


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