Growth across Sub-Saharan Africa remains sluggish, dragged down by uncertainty in the global economy, the underperformance of the continent’s largest economies, high inflation, and a sharp deceleration of investment growth, a World Bank report has said.
In its April 2023 Africa’s Pulse, an economic update for Sub-Saharan Africa, the Bank noted that growth recovery in Nigeria for 2023 (2.8%) is still fragile as oil production remains subdued.
The report further stated that real gross domestic product (GDP) growth of the Western and Central Africa sub-region is estimated to decline to 3.4 per cent in 2023 from 3.7 per cent in 2022,
“Weak growth combined with debt vulnerabilities and dismal investment growth risks a lost decade in poverty reduction. Policy makers need to redouble efforts to curb inflation, boost domestic resource mobilization, and enact pro-growth reforms—while continuing to help the poorest households cope with the rising costs of living,” World Bank Chief Economist for Africa, Andrew Dabalen said.