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Browsing: Inflation Sub-Saharan Africa
- IMF is attributing Sub-Saharan Africa’s growth slowdown to the ongoing rise of central bank policy rates aimed at tackling inflation.
- However, the IMF expects a rebound to 4.1 per cent in 2024 on easing monetary tightening.
- The IMF projects Kenya’s economic prospects to improve to 5.4 per cent growth in 2024.
The International Monetary Fund (IMF) has downgraded its projection for Sub-Saharan Africa GDP growth in 2023 to 3.5 per cent, from 3.9 per cent set in April.
However, the IMF expects the region’s economy to rebound to 4.1 per cent growth in 2024. This revision represents a 100 basis points downgrade for both years.
A steady rise of central bank policy rates aimed at tackling inflation are to blame for the slowdown, IMF said. IMF is hopeful that a rebound in 2024 will be driven by the expected global economic recovery, subsiding inflation, and easing of monetary policy tightening.…