Sub-Saharan Africa economic growth to recover slightly in 2017

The slight rebound will be driven by a recovery in oil production in Nigeria, higher public spending ahead of elections in Angola...

IMF chief Christine Lagarde insisted that she has high hopes, especially regarding trade, after the G20 pointed to growing confidence about a global economic recovery

The slight rebound will be driven by a recovery in oil production in Nigeria, higher public spending ahead of elections in Angola, and the fading of drought effects in South Africa, the IMF said in its regional economic outlook.

However, resource-rich Nigeria, Angola and Central Africa’s six-nation CEMAC bloc are still struggling to deal with the losses caused by low oil prices, the IMF said.

“The overall weak outlook partly reflects insufficient policy adjustment,” said Abebe Aemro Selassie, Director of the IMF’s African Department, adding that this was holding back investment.

In non-oil producers such as Ivory Coast, Kenya, and Senegal, growth is expected to remain strong at over five per cent but vulnerabilities such as rising public debt are starting to emerge, it said.

For a decade, sub-Saharan African economic growth of around five per cent drew in foreign investment but that is drying up with economic growth now barely keeping up with population growth.

The World Bank also expects growth of 2.6 per cent this year, expanding to 3.2 per cent in 2018 and 3.5 per cent a year later.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Find out why doctors are concerned with rise in oeosophageal cancer cases

Find out why doctors are concerned with rise in oeosophageal cancer cases

Uhuru warns Africa’s GDP may fall by 30 percent

Uhuru warns Africa’s GDP may fall by 30 percent

DCI summons Nairobi acting governor Ann Kananu

DCI summons Nairobi acting governor Ann Kananu

CBK revokes mobile payments service provider

CBK revokes mobile payments service provider

Ruto and Waiguru speak after hearty reunion [Video]

Ruto and Waiguru speak after hearty reunion [Video]

Two teachers flee with Ruto's Sh1 million cash donation

Two teachers flee with Ruto's Sh1 million cash donation

Ruto pens birthday message to Uhuru

Ruto pens birthday message to Uhuru

Governor Anne Waiguru joins DP Ruto’s UDA

Governor Anne Waiguru joins DP Ruto’s UDA

Wheelbarrow gets new meaning during Ruto's tour of Ukambani

Wheelbarrow gets new meaning during Ruto's tour of Ukambani