In a document paper published on October 3, 2018, World Bank CUT its 2018 Sub Saharan African growth forecast from 3.1% to 2.7% due notably to slower economic growth in the largest economies in the region.

“The slower pace of the recovery in Sub-Saharan Africa ... is explained by the sluggish expansion in the region's three largest economies, Nigeria, Angola, and South Africa”, the bank explained. Adding that “Lower oil production in Angola and Nigeria offset higher oil prices, and in South Africa, weak household consumption growth was compounded by a contraction in agriculture”.

Indeed, Sub Saharan African countries that registered strong growth until 2015 witnessed a drop in their performances following the drop in commodity prices since mid-2015.

In April, World Bank forecasted economic revival in the region in 2018 with average growth of 3.1% that year against 2.3% a year earlier.

Albert Zeufack (photo), World Bank’s chief economist for Africa, recommends Sub Saharan African countries should “reduce resource misallocation and boost productivity” to support economic revival in the region.

“Policymakers in the region must equip themselves to manage new risks arising from changes in the composition of capital flows and debt”, he explained.

According to the economist, high public debt, local currencies’ depreciation and rising interest rates could compromise some African countries’ debt servicing ability.