African economic growth slows

SGGP 04/07/2023 07:21

The World Bank (WB) forecasts that economic growth in sub-Saharan Africa will slow to 3.1% in 2023 from 3.6% in 2022.

According to the World Bank, governments in Africa need to focus more on macroeconomic stability, domestic revenue mobilization, debt reduction and productive investment, to reduce extreme poverty and promote shared prosperity in the medium and long term, in the context of weak growth prospects and rising debt trends.

The World Bank said that debt problems remain high in 22 countries in the region and inflation will remain relatively high, averaging 7.5% in 2023, above the target of most countries. Regarding investment, there has been a clear decline over the past 10 years. Investment growth in sub-Saharan Africa has fallen from 6.8% in 2010-2013 to 1.6% in 2021.

Source: https://www.sggp.org.vn/tang-truong-kinh-te-chau-phi-giam-toc-post684893.html