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

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  • 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.

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