The economic recovery in Sub-Saharan Africa lost momentum, with growth in 2019 estimated to have moderated to 2.4%, the World Bank has said in its latest Global Economic Prospects outlook for 2020 and beyond. According to the Bank, intensifying global headwinds such as decelerating activity in major trading partners, elevated policy uncertainty, and falling commodity prices, have been compounded by domestic fragilities in several countries. In South Africa, growth is expected to edge up to 0.9%, assuming the new administration’s reform agenda gathers pace, policy uncertainty wanes, and investment gradually recovers. In the West African Economic and Monetary Union, growth is expected to hold steady at 6.4%. Insecurity, conflicts, and insurgencies—particularly in the Sahel—would weigh on economic activity and food security in several economies.

Source: Daily Observer January 10, 2020 02:26 UTC