Economic growth in Sub-Saharan Africa is expected to decelerate this year by slumps in economic powerhouses South Africa, Nigeria and Angola, the World Bank has announced, expressing fears of a lost decade for the continent, faced with growing instability. For the current year, growth should reach 2.5%, compared with 3.6% last year, due in particular to the slowdown in the region’s main economies, according to the World Bank’s latest growth forecast for sub-Saharan Africa published on Wednesday (4 October). The Washington-based global lender projects Nigeria’s economy to grow by 2.9%, while Angola’s will reach 1.3% and South Africa just 0.5%. But the fact that its GDP per capita has not grown since 2015 presents an even bigger problem for the region, the World Bank’s report says. However, there is optimism for a rebound with a projected growth of 3.7% in the following year and an even more promising 4.1% in 2025.

Source: The North Africa Journal October 06, 2023 01:16 UTC