World Bank revises down Sub-Saharan Africa growth forecast
The region urgently needs to create more jobs as just one sixth of working age people in the region have wage jobs, bank notes
Sub-Saharan Africa will record growth of just 2.5% in 2023, says the World Bank, which has revised its forecast for the region down from 3.1% in April. However, it has maintained its forecast for SA at 0.5% for 2023, citing SA’s severe energy crisis and transport bottlenecks, which are holding back its economy.
The bank pointed to the underperformance of the region’s six largest economies, including SA, as well as the rising level of instability, violence and conflict for Sub-Sahara’s disappointing growth performance. The continuing overhang of debt and climate-related shocks are also affecting economic activity in the region, which in per capita terms has shown almost no growth over the past decade...
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