Despite the expected slowdown in global economic activity due to the ongoing energy and food crisis, Africa, with its young population and rich natural resources, is one of the world’s fastest-emerging regions. Most nations of the continent are projected to grow in 2023, but what economies in sub-Saharan Africa are worth paying attention to?
The International Monetary Fund (IMF) has published its outlook for global economic growth in 2023 this week, where it was revealed that the global economy is projected to slow further amid the ongoing fight against inflation. The outlook expected global growth to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then to slightly improve to 3.1 percent in the following year.
However, the IMF believes that growth rates in Sub-Saharan Africa will average around 3.8 in 2023 and jump to 4.1 percent in 2024, as the African economies are continuing to recover from the coronavirus pandemic and other internal and external crises that have played significant roles in rising inflation rates.
According to Pierre-Olivier Gourinchas, Chief Economist and Director of the IMF Research Department, Africa is recovering very quickly and the projected growth of the African continent in 2023 and 2024 “is quite a bit below the typical growth rates that the region experienced before the pandemic.”
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