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Showing posts with the label Sub-Saharan Africa

Global growth to remain stable but growth in Sub-Saharan Africa to pick up in 2025 – IMF

 Global growth is expected to remain stable, albeit lackluster in 2025, according to the January 2025 World Economic Outlook Update by the International Monetary Fund. At 3.3%in both 2025 and 2026, the forecasts for growth are below the historical (2000–19) average of 3.7% and broadly unchanged from October. It said the overall picture, however, hides divergent paths across economies and a precarious global growth profile. Among advanced economies, growth forecast revisions go in different directions. USA In the United States of America, the Fund said underlying demand remains robust, reflecting strong wealth effects, a less restrictive monetary policy stance, and supportive financial conditions. Again, growth is projected to be at 2.7% in 2025. This is 0.5 percentage point higher than the October forecast, in part reflecting carryover from 2024 as well as robust labor markets and accelerating investment, among other signs of strength. Growth is expected to taper to potential in 20...

IMF projects 3.8% growth rate for Sub-Saharan Africa, 2.8% for Ghana

  The International Monetary Fund is projecting a moderate 3.8% growth rate for Sub-Saharan Africa in 2023 amid prolonged fallout from the COVID-19 pandemic. This is a modest upward revision since October 2022, and higher than the 2.8% it forecast for Ghana. It has firmed its 2.8% Gross Domestic Product (GDP) for Ghana in 2023 According to its January 2023 World Economic Outlook, the small upward revision for 2023 (0.1 percentage point) reflects Nigeria’s rising growth in 2023 due to measures to address insecurity issues in the oil sector. In South Africa, by contrast, after a COVID-19 reopening rebound in 2022, the IMF projected growth more than halves in 2023, to 1.2 percent, reflecting weaker external demand, power shortages, and structural constraints. Global growth to fall to 2.9% Meanwhile, global growth, estimated at 3.4% in 2022, is projected to fall to 2.9% in 2023 before rising to 3.1% in 2024. Compared with the October forecast, the estimate for 2022 and the forecast for...