The World Bank has announced a downward revision for growth for almost 60% of countries in sub-Sahara Africa (SSA) for this year.
The bank in its latest Global Economic Prospects report said this growth slowdown represents a formidable challenge for economic development in the region.
“Growth in SSA is expected at 3.6% in 2023 and 3.9% in 2024. Compared to the June [2022] forecast, growth was revised down for almost 60% of countries, including downward revisions for over 70% of metal exporters which are expected to be affected by the further easing of global metal prices.”
“Even as cost of living pressures are anticipated to moderate, the negative impact of persistent poverty and food insecurity on growth, amplified by other vulnerabilities, such as unfavorable weather, high debt, policy uncertainty, and violence and conflict are anticipated to keep the pace of recoveries subdued in many countries,” the report said.
According to the report, Senegal is expected to be the fastest-growing economy in Sub Saharan Africa in 2023, with a growth rate target of 7.1%.
10 countries in SSA with high growth rates for 2023
| COUNTRY | GDP |
| Senegal | 8.0% |
| Niger | 7.1% |
| Côte d’Ivoire | 6.8% |
| Rwanda | 6.7% |
| Congo, Dem. Rep. | 6.4% |
| Benin | 6.2% |
| Togo | 5.6% |
| Uganda | 5.5% |
| Mauritius | 5.5% |
| Ethiopia | 5.3% |
| Guinea | 5.3% |
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