World Bank projects a 3.2% economic growth in sub-Saharan Africa in 2018
(Ecofin Agency) - In its report on the world economic outlook, World Bank indicates that the economy in sub-Saharan Africa should grow by 3.2% in 2018, while in 2017, it was 2.4%.
Ghana (8.3%), Ethiopia (8.2%), and Côte d’Ivoire (7.2%) should drive this growth with a boost in investments, especially in infrastructure sector.
As for major hydrocarbon and mining products’ exporters in the region, the Bretton Woods’s institution expects just a slight improvement. It expects Nigeria’s economy to grow by 2.5% (against 1% in 2017), while Angola and South Africa should grow respectively by 1.6% and 1.1%.
As for economies in the Middle-East and North Africa (MENA), World Bank think it might significantly increase. According to the projections, economic growth in the area will soar to reach 3%, up from 1.8% in 2017.
Egypt will boost North Africa’s economy with its GDP which is expected to stand at 4.9% as the results of reforms under way in the country. According to the report, an increase in exports and industrial operations, boosted by an improvement of the business environment, is expected. Algeria comes second with 3.6%, an increase driven by an expansionary fiscal policy. Morocco and Tunisia will progress by 3.1% and 2.7% respectively.
The report also emphasizes the importance of security policies and structural and trans-sectorial reforms to boost the economy in the continent in the coming years.