Albert Zeufack, World Bank Chief Economist for Africa
Africa’s Economic Growth Continues To Falter
MONROVIA, September 29 (LINA) - After slowing to 3 percent in 2015, economic growth in Sub-Saharan Africa is expected to fall further to 1.6 percent in 2016, the lowest level in over two decades.
The sharp decline in aggregate growth reflects challenging economic conditions in the region’s largest economies and commodity exporters.
Many of these countries continue to face headwinds from low commodity prices, tight financial conditions, and domestic policy uncertainties.
Economic activity has been notably weak across oil exporters. At the same time, economic growth in about a quarter of the region’s countries is showing signs of resilience.
These latest figures are outlined in the new Africa’s Pulse, the World Bank’s twice-yearly analysis of economic trends and data for the region.
Growth is far from homogeneous, suggesting that countries are growing at divergent speeds, the report says.
While many countries are registering a sharp slippage in economic growth, some others - Ethiopia, Rwanda, and Tanzania - have continued to post annual average growth rates of over 6 percent.
Several countries, including Côte d’Ivoire and Senegal, have become top performers.
“Our analysis shows that the more resilient growth performers tend to have stronger macroeconomic policy frameworks, better business regulatory environment, more diverse structure of exports, and more effective institutions,” says Albert Zeufack, World Bank Chief Economist for Africa.