IMF – Sub-Saharan Economic Growth To Rise To 3.4 Percent in 2018
Economic growth is expected to rise to 3.4 percent in sub-Saharan Africa next year, from 2.6 percent in 2017, the International Monetary Fund (IMF) said in a report on Monday, but warned that rising debt and political risks in larger economies would weigh down future growth, Reuters reported Monday.
According to the IMF, a good harvest and recovery in oil output in Nigeria would contribute more than half of the growth in the region this year.
A strengthening in South Africa’s mining sector and improved harvests in the country, as well as a rebound in oil production in Angola would add to growth.
However, political uncertainty over the leaders of the two biggest economies in the region, Nigeria and South Africa, could negatively impact economic growth.
Nigerian President Muhammadu Buhari has been suffering from poor health and this has caused speculation about whether he is well enough to run Africa’s biggest economy.
Scandals and corruption surrounding President Jacob Zuma have also clouded predictions on economic growth in South Africa. (via African News Agency)