African economic growth slows down.

SGGP 07/04/2023 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, African governments need to focus more on macroeconomic stability, mobilizing domestic revenue, reducing debt, and investing effectively to reduce extreme poverty and promote shared prosperity in the medium and long term, given weak growth prospects and rising debt levels.

The World Bank notes that debt difficulties remain high in 22 countries in the region and inflation will continue to be relatively high, averaging 7.5% in 2023, higher than the target set by 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