East Africa is holding an economic torch for the continent even as the global recession gathers momentum, the latest economic outlook by Institute of Chartered Accountants in England and Wales (ICAEW) has revealed. According to the report, East Africa’s economy is expected to continue expanding at an average of 6.3 per cent in 2020, with that of Rwanda expected to lead at eight per cent from 7.8 per cent. Behind East Africa is the franc zone, there; GDP growth is forecasted at 4.9 per cent for 2020. Meanwhile, North Africa’s economic performance remains volatile due to instability in Libya, with regional growth picking up from 2.8 per cent this year to 4.5 per cent in 2020. Economic growth will be slowest in Southern Africa where it is expected to expand at an average of 2.2 per cent from 1.3 per cent this year.

Source: The Star December 31, 2019 01:07 UTC