IMF forecasts that 6 of the world’s fastest growing economies are in Africa

The International Monetary Fund has released its World Economic Outlook report in Washington D.C, on Tuesday (April 9, 2019).

IMF

In the report, it projected that 6 of the world’s fastest-growing economies are in Africa.

The 6 countries are Ghana, South Sudan, Rwanda, Ethiopia, Ivory Coast, and Senegal.

The World Economic Outlook report is put together by the research department of the IMF looks at the global economy, opportunities, threats as well as reviewing the economics 189 members of the Fund. 

It is based on historical data and projection based on information picked up by IMF country desk offices in the contest of their mission to the member countries.

According to the report, Ghana and South Sudan will be the fastest-growing economies this year. Both countries are projected to expand by 8.8 percent.

South Sudan is emerging from years of conflict after a peace deal last year, which has enabled it to start pumping crude oil. Meanwhile, Ghana also exited its 16th IMF bailout a few weeks ago with the hope of never going back.

Rwanda is expected to expand by 7.8 percent, while Ethiopia is projected to grow by 7.7 percent. The IMF has predicted Ivory Coast and Senegal to grow by 7.5 and 6.9 respectively.

Meanwhile, The report showed downward revisions for Angola and Nigeria with a softening in oil prices.

The growth of South Africa, the region’s most advanced economy, was trimmed to 1.2 percent due to policy uncertainty in the economy due to upcoming elections in May.

An analyst at FirstRand Group Ltd.’s Rand Merchant Bank Neville Mandimika described the IMF’s projection in its latest World Economic Outlook as “way too generous.”

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