The last quarter of 2022 had some of the most pessimistic economic forecasts of the whole year, with experts predicting a global recession for 2023.Despite the fact that this prediction applies to Africa as well, it is not quite clear how much, if at all, the continent's economy will be impacted by world events.
However, the World Bank has forecast the growth trajectory for Sub-Saharan Africa in 2023, much like in previous years. While it appears that certain African nations would be affected by the global recession, the World Bank also predicted that several African nations would experience growth despite both domestic and external economic drivers.
The World Bank announced in 2022 that Sub-Saharan Africa's economic growth will slow from 4.1% in 2021 to 3.3% in 2022.
The Bank forecasted that Sub-Saharan Africa's growth will rebound to 3.5% in 2023 and 3.9% in 2024. Several percentage points less than 2021, but slightly more than 2022.
The Southern African subregion, which is anticipated to increase to 4.5% in 2023 and 5.0% in 2024, is one of the Bank's regional key numbers. Without Nigeria, the Western and Central Africa subregion is anticipated to develop at a rate of 5.0% in 2023 and 5.5% in 2024.
"Amid surging food prices and supply constraints, policy makers need to ensure that international trade flows and avoid repeating earlier policy mistakes," the Bank's study states in an excerpt.
The bank stated that if Africa succeeds on implementing policies that expedite structural transformation through productivity-enhancing development and producing more and better jobs, it could lessen the looming economic slowdown that may impact the world.
The bank did provide information on potential growth rates for some African nations in the coming year, though. Five of these nations are listed below, along with the World Bank's growth predictions for each.
Kenya: The bank projects that this East African country will have a 5.0% unemployment rate in 2023, down from 5.5% in 2018. In 2024, the nation's economic growth would pick back up to 5.3%.
Nigeria: The World Bank forecast that the economy of Nigeria will suffer, slowing down in 2023 to 3.2% from 3.3% the year before. The Bank did point out that Nigeria's economy will grow somewhat in the following year.
The economic growth in Côte d'Ivoire is anticipated to increase from 5.7% in 2022 to 6.8% in the following year. Despite decreasing to 4.8% in 2022, this continues.
Senegal: The country's economy is expected to rise by 8.0% in 2023 and another 10.5% in 2024, offering tremendous potential for economic growth.
Cameroon: According to the World Bank, private consumption and investments will help keep the country's growth rate stable at 4.3% in 2023 and 4.6% in 2024.
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