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

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Growth in sub-Saharan Africa is expected to rise to 2.9 percent in 2020, the World Bank said Tuesday in its January 2020 Global Economic Prospect report.

The World 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 weak forecast than previously expected reflecting 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 percent. In Nigeria, growth will likely edge up to 2.1 percent while Ghana is expected to accelerate to 6.8 percent.

Kenya’s growth is seen scaling up to 6 percent.

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

 

Source: www.africanews.com

 

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