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Africa’s Economic Growth In Upswing After Sharp Slowdown - Report
MONROVIA, April 20 (LINA) ‒ “Economic growth in sub-Saharan Africa is rebounding in this year after registering the worst decline in more than two decades in 2016,” the World Bank has said in its Africa’s Pulse Report.
The report is a bi-annual analysis of the state of African economies conducted by the World Bank.
A release quotes the report as saying the region is showing signs of recovery, and regional growth is projected to reach 2.6 percent in 2017.
It, however, alerts that the recovery remains weak, with growth expected to rise only slightly above population growth, a pace that hampers efforts to boost employment and reduce poverty.
The report cites Nigeria, South Africa, and Angola, the continent’s largest economies, as seeing a rebound from the sharp slowdown in 2016, but that the recovery has been slow due to insufficient adjustment to low commodity prices and policy uncertainty.
The report said several oil exporters in the Central African Economic and Monetary Community are facing economic difficulties.
The latest data reveal that seven countries (Côte d’Ivoire, Ethiopia, Kenya, Mali, Rwanda, Senegal, and Tanzania) continue to exhibit economic resilience, supported by domestic demand, posting annual growth rates above 5.4 percent in 2015-2017.
“These countries house nearly 27 percent of the region’s population and account for 13 percent of the region’s total GDP. The global economic outlook is improving and should support the recovery in the region,” the World Bank report noted.