According to the new Africa’s Pulse, a bi-annual analysis of the state of African economies conducted by the World Bank, Economic growth in Sub-Saharan Africa is recovering at a modest pace, and is projected to pick up to 2.4% in 2017 from 1.3% in 2016,
The rebound is led by the region’s largest economies, Nigeria and South Africa which pulled out of a recession In the second quarter of this year.
Moving ahead Sub-Saharan Africa is projected to see a moderate increase in economic activity, with growth rising to 3.2% in 2018 and 3.5% in 2019 as commodity prices firm and domestic demand gradually gains ground, helped by slowing inflation and monetary policy easing.
However, growth prospects are expected to remain weak in the Central African Economic and Monetary Community (CEMAC) countries as they struggle to adjust to low oil prices.
I other countries like Tanzania growth is projected to firm in on a rebound in investment growth and recover in Kenya, as inflation eases.
Ethiopia is likely to remain the fastest-growing economy in the region, although public investment is expected to slow down.
African countries are now seeking new drivers of sustained inclusive growth, and skills in attaining growth.