Sub-Saharan Africa’s Growth Limited By Nigeria and South Africa in 2024 – World Bank

Post created on 11:46 am

The World Bank has stated that weaknesses in Sub-Saharan Africa’s biggest economies Nigeria, South Africa and Angola will limit the region’s growth in 2024. 

This was stated by Bretton Wood Institute in its Global Economic Prospects for 2024.

It says the global economy is set for its worst performance in three decades as the SSA region is projected to grow at 3.8% in 2024 and 4.1% in 2025 due to a reduction in inflation and ease in monetary policies.

The report also added that the slow growth and weakness in Nigeria, South Africa and Angola will bring down the overall growth in the region.

Excluding the region’s largest economies, the Sub-Saharan region will see an uptick in growth from its projected 3.8% in 2024 and 4.1% in 2025 to 5% in 2024 and 5.3% in 2025. 

[SA]