IMF maintains 3.8% 2024 GDP growth rate for sub-Sarahan Africa in WEO report

According to the International Monetary Fund’s (IMF) April 2024 World Economic Outlook Report, growth prospects in Sub-Saharan Africa are on an upward trajectory.

The region is expected to witness a growth rate of 3.8% in 2024, up from an estimated 3.4% in 2023, and further accelerating to 4.0% in 2025.

This optimistic forecast is underpinned by the waning negative effects of previous weather shocks and a gradual improvement in supply issues.

The projections for 2024 remain unchanged from the January 2024 WEO Update, with a downward revision for Angola offset by an upward revision for Nigeria.

For emerging markets and developing economies, the IMF anticipates stable growth at 4.2% in both 2024 and 2025.

This moderation in growth within emerging and developing Asia is expected to be counterbalanced by an uptick in growth for economies in the Middle East, Central Asia, and Sub-Saharan Africa.

Low-income countries per the report, are projected to experience a gradual increase in growth, with rates climbing from 4.0% in 2023 to 4.7% in 2024 and further to 5.2% in 2025.

This optimistic outlook is attributed to the easing of some constraints on near-term growth.

The IMF’s latest projections in its April 2024 WEO report reflect cautious optimism for economic recovery and stability in Sub-Saharan Africa and emerging markets, underlining the resilience and potential for growth in these regions amidst global economic challenges.