AFRICAN ECONOMY
IMF expects better outlook for SA and Nigeria will lift region
The IMF is expecting that an improved outlook for SA and Nigeria, Africa’s two biggest economies, will bolster sub-Saharan Africa’s recovery. This despite a weak start to the year in SA that included a contraction in the first quarter and fears from analysts that the country was headed for its first recession since the 2007-08 financial crisis. The rise in commodity prices coupled with improved prospects in Nigeria and SA will support recovery in the region. Growth in sub-Saharan Africa is expected to increase from 2.8% in 2017 to 3.4% in 2018, rising further to 3.8% in 2019 while the IMF’s growth expectations for SA have remained unchanged at 1.5% in 2018 and 1.7% in 2019. “The economy is expected to recover somewhat over the remainder of 2018 and into 2019 as confidence improvements associated with the new leadership are gradually reflected in strengthening private investment,” reads the IMF’s June World Economic Outlook released on Monday. This comes as President Cyril Ramaphosa ...
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