Imf Regional Economic Outlook For Sub-saharan Africa
africa outlook saharanSub-Saharan Africa is contending with an unprecedented health and economic crisis one that in just a few months has jeopardized years of hard-won development gains and upended the lives and livelihoods of millions. 17 Second the reduction in debt levels brought about by the Heavily Indebted Poor CountriesMultilateral Debt Relief Initiative and easy.
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Economic activity this year is now projected to contract by some 32 percent reflecting a weaker external environment and measures to contain the COVID-19 outbreak.
Imf regional economic outlook for sub-saharan africa. The current outlook for 202021 is broadly unchanged from the June update with activity in 2020 projected to contract by 30 percent still the worst outcome on record. Regional Economic Outlook for Sub-Saharan Africa October 22 2020 Description. Sub-Saharan Africa is facing an unprecedented health and economic crisis that threatens to throw the region off its stride reversing the encouraging development progress of recent years.
The region is seeing a modest growth uptick but this is not uniform and the medium-term outlook remains subdued. The shift in the findings for the sub-Saharan African region is predominantly driven by two major developments. Economic recovery in sub-Saharan Africa is set to continue with growth projected to pick up from 3 percent in 2018 to 35 percent in 2019.
Some 21 countries mainly the regions more diversified economies are expected to sustain growth at 5 percent or more and remain on the impressive per capita convergence path they have been on since the early 2000s. The sub-Saharan African economic outlook remains clouded. The share of informal employment averages 60 percent of total nonagricultural employment.
Growth in sub-Saharan Africa has weakened after more than a decade of solid growth although this overall outlook masks considerable variation across the region. The current outlook for 202021 is broadly unchanged from the June update with activity in 2020 projected to contract by 30 percent still the worst outcome on record. About two-thirds of the countries in the region together accounting for 83 percent of the regions GDP slowed downalthough some countries still continued to expand strongly.
Some countries have been negatively affected by falling prices of their main commodity exports. Growth in sub-Saharan Africa is projected to remain at 32 percent in 2019 and rise to 36 percent in 2020. In this spirit in our latest Regional Economic Outlook.
Regional Economic Outlook for Sub-Saharan Africa June 2020 Update. Growth is projected to remain strong in non-resource-intensive countries averaging about 6 percent. First the boom in commodity prices since the 2000s led to a considerable improvement in the fiscal position of sub-Saharan African commodity exporters that maintained their hard peg regimes more than 2 percentage points of GDP improvement.
Economic growth in sub-Saharan Africa this year is set to drop to its lowest level in more than 20 years reflecting the adverse external environment and a lackluster policy response in many countries. In this podcast the IMF African Departments Celine Allard who oversaw the report says that this drop brought a halt to the 5 to 6 percent growth rate that was enjoyed in the last two decades. In fact quite a few economies in the region have become high performers without basing their success on natural resourcesthanks in no small part to sound policymaking.
Sub-Saharan Africa IMF 2008b investigated in depth the causes of the great sub-Saharan Africa growth takeoff. Growth in sub-Saharan Africa in 2020 is projected at 16 percent the lowest level on record. The expected recovery however is at a slower pace than previously envisaged for about two-thirds of the countries in the region partly due to a challenging external environment.
The data and projections cover 45 sub-Saharan African countries followed by the IMFs African Department. Unless noted otherwise data and projections presented in this Regional Economic Outlook are IMF staff estimates as of March 30 2018 consistent with the projections underlying the April 2018 World Economic Outlook WEO. The outlook for 2020 for sub-Saharan Africa is considerably worse than was anticipated in April and subject to much uncertainty.
For optimum experience we recommend to update your browser to the latest version. In each volume recent economic developments and prospects for the region are discussed as a whole as well as for specific countries. Regional Economic Outlook April 2018 Sub-Saharan Africa.
Furthermore by exacting a heavy human toll upending livelihoods and damaging business and government balance sheets the crisis threatens to retard the regions growth prospects in the years to come. Your browser is not up-to-date. The size of the informal economy is large in sub-Saharan Africa especially in oil-exporting and fragile states averaging 38 percent of GDP during 2010-14.
Domestic Revenue Mobilization and Private Investment. The COVID-19 pandemic threatens to exact a heavy human toll and the economic crisis it has triggered can upend recent development progress. Growth slowed sharply in 2016 averaging 14 percent the lowest in two decades.
Sub-Saharan Africa a team of economists from the IMFs African Department show that Africas continued success is more than a commodity story. The policy priority is to ramp up health capacity and spending to save lives and contain the virus outbreak. Last falls Regional Economic Outlook.
Sub-Saharan Africa is contending with an unprecedented health and economic crisis one that in just a few months has jeopardized years of hard-won development gains and upended the lives and livelihoods of millions. The five Regional Economic Outlooks published biannually by the IMF cover Asia and Pacific Europe the Middle East and Central Asia Sub-Saharan Africa and the Western Hemisphere. Fiscal Policy and Economic Performance in Sub-Saharan Africa Over the past two decades sub-Saharan Africa has made remarkable gains in promoting growth and economic stability.
But economic performance remains bifurcated. The IMFs latest economic health check of sub-Saharan Africa shows that growth fell to its lowest level in 20 years.
