Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Sub-Saharan Africa’s growth dragged down by continent’s heavyweights -World Bank

    Sub-Saharan Africa’s growth dragged down by continent’s heavyweights -World Bank

    October 5, 2023
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Sub-Saharan Africa

    – South Africa, Nigeria, Angola seen slumping in 2023
    – War-hit Sudan’s economy to contract 12%
    – African continent facing ‘lost decade’

    Johannesburg — Sub-Saharan Africa’s economic growth is expected to slow this year, dragged down by slumps in heavyweights South Africa, Nigeria and Angola, the World Bank said on Wednesday.

    Regional growth will slow to 2.5% in 2023 from 3.6% last year, the bank said in a report, before rebounding to a projected 3.7% next year and 4.1% in 2025.

    In per capita terms, the region has not recorded positive growth since 2015, as African countries’ economic activity has failed to keep pace with their rapid increase in population.

    Some 12 million Africans are entering the labour market each year, the World Bank wrote in its twice-yearly “Africa’s Pulse” report. But current growth patterns generate just 3 million jobs in the formal sector.

    “The region’s poorest and most vulnerable people continue to bear the economic brunt of this slowdown, as weak growth translates into slow poverty reduction and poor job growth,” Andrew Dabalen, the bank’s chief economist for Africa, said.

    More than half of the region’s countries – 28 out of 48 – have seen their 2023 growth forecasts revised downward from the World Bank’s April estimates.

    The continent’s most developed economy, South Africa, which is facing its worst energy crisis on record, is expected to grow just 0.5% this year.

    Economic growth in top oil producers Nigeria and Angola is expected to slow to 2.9% and 1.3% respectively.

    Sudan, which is in the midst of a major internal armed conflict that has destroyed infrastructure and brought the economy to a standstill, is expected to be hit by a 12% contraction, the Bank said.

    Excluding Sudan, regional growth would be 3.1%.

    “The region is projected to contract at an annual average rate per capita of 0.1% over 2015-2025, thus marking a lost decade of growth in the aftermath of the 2014-15 plunge in commodity prices,” the report stated.

    While sub-Saharan inflation is expected to ease to 7.3% this year from 9.3% in 2022, it remains above central bank targets in most countries.

    Meanwhile, recent military coups in Niger and Gabon in the wake of army takeovers in Guinea, Mali and Burkina Faso, as well as armed conflicts in Democratic Republic of Congo, Ethiopia, Somalia and Sudan, have created additional risk in Africa.

    And mounting debt is draining resources, with 31% of regional revenues going to interest and loan payments in 2022.

    *Joe Bavier; editing: Mark Heinrich – Reuters

    Related News

    Obi denies links with alleged N225bn debt crisis in Fidelity Bank

    Ghana and Uganda currencies could gain as Nigeria holds steady

    FG inaugurates AMCON Board to strengthen asset recovery, economic stability

    E-book
    Resilience Exhibition

    Latest News

    TotalEnergies CEO defends company against East Africa abuse allegations

    May 24, 2025

    Firm invest N2 billion to scale up solar energy access in Nigeria

    May 24, 2025

    Russia and Bahrain in advanced talks over LNG supply deal, sources say

    May 24, 2025

    Are OPEC’s forecasts driving crude oil into a new downtrend?

    May 24, 2025

    Saudi Aramco seeks investors in Jafurah infrastructure assets, sources say

    May 24, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.