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World Bank raises sub-Saharan Africa prospects

PHOTO:COURTESY

Economic growth in sub-Saharan Africa is seen rising between this year and 2019, helped by better commodity prices, but the continent needs to do more to boost per capita income and create jobs, World Bank Chief Economist for Africa Albert Zeufack has said.

Sub-Saharan African economies have been hit by lower commodity prices which has slowed growth, slashed government revenues and weakened several of the currencies on the continent.

 The bank said in its latest “Africa’s Pulse” report that economic growth was seen expanding to 2.6 per cent this year and further to 3.2 per cent in 2018 and 3.5 per cent a year later. Sub-Saharan African growth was an estimated 1.3 per cent in 2016, the lowest for two decades.

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