Economic growth in sub-Saharan Africa is rebounding in 2017, having registered its lowest level in more than two decades in 2016. This is what emerges from the World Bank report, Africa’s Pulse, which analyzes the state of African economies.
According to the document published on Wednesday April 19, the region is showing signs of recovery and growth is expected to reach 2.6% this year. “However, this recovery remains weak, and economic growth should only be slightly above population growth, a pace that hinders efforts to promote employment and reduce poverty”, says the note.
The continent’s main economies, Nigeria, South Africa and Angola, are “rebounding from the of the brutal slowdown of 2016, but this is a slow recovery due to an adjustment in relation to the fall of raw materials prices and the uncertainty of policies”.
Economic Resilience
The institution reports that according to the latest data, Mali is among the seven countries that “continue to show economic resilience, aided by domestic demand”. These countries (Côte d’Ivoire, Ethiopia, Kenya, Mali, Rwanda, Senegal and Tanzania) have recorded annual growth rates of more than 5.4% between 2015 and 2017, concentrating close to 27% of the region’s population and represent 13% of its total GDP, says the World Bank.
The global economic outlook is improving and should lead to recovery in the region. The Africa’s Pulse report shows that the continent’s overall growth is expected to increase from 3.2% in 2018 to 3.5% in 2019, reflecting the recovery in the main economic powers.
“While countries are making budgetary adjustments, we need to protect the propitious conditions for investment so that countries in sub-Saharan Africa will experience a stronger recovery”, said Albert G. Zeufack, Chief Economist of the World Bank for the Africa region during the discussions on the report by videoconference.
This 116-page report calls for the urgent implementation of reforms aimed at improving institutions that promote private sector growth, develop local financial markets, improve infrastructure and renounce the mobilization of domestic resources.
Augustin K. Fodou