World Bank: Sub-Saharan economic growth recovery to take longerThe World Bank has cut its growth forecast for Sub-Saharan Africa this year to 2.8 percent from an initial 3.3 percent, it said on Monday. The bank’s 2019 forecast means economic growth will lag population growth for the fourth year in a row and it will remain stuck below 3 percent, which it slipped to in 2015. Nigeria, South Africa and Angola, which make up about 60 percent of sub-Saharan Africa’s annual economic output, were all facing various challenges, curbing their contribution to the growth momentum, the bank said. Nigeria’s economy grew by an estimated 1.9 percent last year, up from 0.8 percent the previous year, the World Bank said, reflecting a modest pick-up in the non-oil sector. High inflation and heavy debt loads discouraged investors in economies like Zambia and Liberia, hitting their growth prospects, the World Bank said.

Source: Standard Digital April 08, 2019 13:39 UTC