SA and Nigeria are slowing Africa’s growth, says World Bank
Report finds the two largest economies need to industrialise and reform their governance
05 April 2023 - 19:17
The World Bank is concerned that Sub-Saharan Africa could be facing a “lost decade” of slow economic growth and high inflation, and that it is being weighed down by its two largest economies, SA and Nigeria, who together account for 40%-50% of the region’s GDP.
In its latest Africa Pulse report the Washington-based bank has cut its growth forecast for SA to 0.5% for 2023, down from 2% in 2022 — which made it one of the region’s slowest growing countries in 2022, with a long-term average of below 1% — the slowest in Sub-Saharan Africa...
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