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The International Monetary Fund (IMF) has said the growth forecast in Sub-Saharan Africa has been revised downward by 0.2 percentage points for 2024 and upward by 0.1 percentage points for 2025.
The revision reflects slower growth in Nigeria, amid weaker-than-expected activity in the first half of the year, the fund said on Tuesday at the unveiling of the global economic outlook in Washington.
The IMF added that ongoing conflict that has led to a 26 per cent contraction of the
South Sudanese economy also impacted the revision.
“In sub-Saharan Africa, GDP growth is similarly projected to increase, from an estimated 3.6 per cent in 2023 to 4.2 per cent in 2025, as the adverse impacts of prior weather shocks abate and supply constraints gradually ease,” the fund said.
“Compared with that in April, the regional forecast is revised downward by 0.2 percentage point for 2024 and upward by 0.1 percentage point for 2025.
“Besides the ongoing conflict that has led to a 26 per cent contraction of the
South Sudanese economy, the revision reflects slower growth in Nigeria, amid weaker-than-expected activity in the first half of the year.”
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In contrast, growth in the Middle East and Central Asia is projected to pick up from an estimated 2.1 per cent in 2023 to 3.9 per cent in 2025, as the effect on the region of temporary disruptions to oil production and shipping are assumed to fade away.
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Compared with that in April, the projection has been revised downward by 0.4 percentage points for 2024, the result of the extension of oil production cuts in Saudi Arabia and the ongoing conflict in Sudan taking a large toll.
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