Sub-Saharan Africa growth up by 3% in 2017, says IMF - African Business Magazine
Sub-Saharan Africa growth up by 3% in 2017, says IMF

Sub-Saharan Africa growth up by 3% in 2017, says IMF

Economic growth in sub-Saharan Africa is expected to recover to 2.6% in 2017, up from 1.4% last year, according to the International Monetary Fund.

The slight rebound will mainly be driven by a recovery in oil production in Nigeria, increased public spending ahead of elections in Angola, and the end of the drought in South Africa. Meanwhile, six non-oil exporting nations – Burkina Faso, Ivory Coast, Senegal, Tanzania, Rwanda and Ethiopia – will grow at above 6%, with Ethiopia expected to be Africa’s best-performing economy, growing at 7.5%.

The modest economic rebound in sub-Saharan Africa in 2017 follows a dismal performance last year, which was mainly driven by low global oil prices and droughts in Southern and East Africa. 

“The overall weak outlook partly reflects insufficient policy adjustment,” said Abebe Aemro Selassie, director of the IMF’s African Department. “The delay in implementing much-needed adjustment policies is creating uncertainty, holding back investment, and risks generating even deeper difficulties in the future.”

The World Bank expects growth in the region to increase to 3.2% in 2018 and 3.5% the following year.


Rate this article

Author Thumbnail
Written by African Business Magazine

African Business and its award-winning team is widely respected for its editorial excellence. We provide the all important tools enabling you to maintain a critical edge in a continent that is changing the world. Our special reports profile a wide range of sectors and industries including Energy, Oil and Gas, Aviation, Agriculture to name but a few.

  • It would take little effort to rapidly grow this region’s economy and drastically reduce extreme poverty much faster, if the World Bank, IMF, the G8 and the OECD could restructure their development assistance to sub-Sahara Africa to directly put business expansion funding into the hands of already established micro and small entrepreneurs. The mechanism for doing this very easy. There is already more than enough money for this in the annual development envelops of these organizations. We have to think outside the box and use new approaches.
    – Eugene Nzeribe, ICAfrica

    • Ndidi

      The fantastic level of thieving corruption by (mis)leaders in Nigeria is the cause of extreme poverty there. Even if all the money in the world was poured into Nigeria’s coffers, nearly all of it would be stolen by the political class and top civil servants and judiciary. Until gross corruption is stopped, abject poverty will remain, because it is a DELIBERATE crime against humanity.

    • I agree with you. However, like anywhere in the world – China, USA, India, Brazil – the government still have to participate and do what governments everywhere do to help jumpstart the economy such as invest heavily and in partnerships with private companies in transportation, fiber-optic, agriculture, provides transparent leaderships and finally restructure the police and judiciary systems in countries such as Nigeria.
      Nigeria is the heart of Africa and if the country makes every parts o West Africa will do well. If Nigeria fails so also the rest of the tiny West Africans.

  • kwacha Kwayela

    There are a number of causes that are killing the African economy. The West is to keeping Africa poor so that they exploit resources easily. The world bank and the IMF dictate our economic growth in Africa.

    The influx of Non governmental organization and their funding from the west will kill the working spirit of our people.

    What we need is to have an economy that is influenced by African countries. Let the African Union develop a mechanism to pay off the “debt” that the west claims that Africa owes them.

    Let us have leaders that are more selfless than eager to swindle money from public coffers.

    Our educational system should be focused on skills development as opposed to the manufacturing of “bosses”.

    The moment Africa decides to stand up to be a co-player in world trade, as opposed to world trade recipient, that the day our story will change.

    Africa is economically dependent and thus we have less choices in determining the prices at which we sell our resources.

Related Posts

Join our mailing list

If you would like Independent, Informative and Invaluable news analysis on the African continent, delivered straight to your inbox, join our mailing list.

Help us deliver better content