Growth in the region, excluding large countries such as Angola, Nigeria, and South Africa, is projected at 4.3% in 2023 and set to expand to 5.1% and 5.2% in 2024 and 2025, respectively. The economic performance of the subregion is dragged down by the underperformance of two of its largest economies, South Africa and Angola. “In South Africa, economic activity is set to weaken further as structural constraints – particularly, the energy crisis – and headwinds persist. These projections reflect moderately high growth forecasts for Egypt, expected to grow at 4.0% in both fiscal years 2023 and 2024. In Kenya, growth of economic activity remained solid at 5.2% in 2022, thanks to strengthened manufacturing, improved investor confidence, and a more general improvement in risk appetite.

Source: The North Africa Journal April 16, 2023 10:08 UTC