Inspite of the looming global recession predicted for 2023, the World bank analysis, foresees a growth projection for Sub-Saharan Africa. Although the recession is predicted to have global impact, reaching into some African countries, the World Bank also projected economic growth for some African countries even in the face of external and internal economic catalysts.
In 2022, the World Bank predicted an economic decline in Sub-Saharan Africa from 4.1% recorded in 2021 to 3.3% in 2022. However, the economy was set to bounce back in 2023 and 2024 to 3.5% in 2023 and 3.9% respectively.
Some of the key figures projected by the bank, based on regions include a 4.5% growth in 2023 and 5.0% in 2024, in the Southern African subregion. The Central and Western Africa subregion excluding Nigeria, is projected to grow to 5.0% in 2023 and 5.5% in 2024.
The bank stated that Africa could rise above the looming economic crisis if it focuses on growth and job creation by implementing policies that boost structural transformation through productivity.
The bank also provided data showing the growth figures for some African countries in the new year. These countries and their growth projections are stated below.
Kenya: This East African nation’s economy will drop from 5.5% recorded in 2022 to 5.0% in 2023. The country will however record a boost in the economic growth of up to 5.3% in 2024.
Nigeria: Nigeria’s economy is set to take a downturn, slowing down in 2023 to 3.2% from 3.3% in 2022. However the Bank stated that Nigeria’s economy would experience a boost in 2024.
Côte d’Ivoire: The economic growth in Côte d’Ivoire despite slowing down earlier in 2022, rose to 5.7% in 2022 and is set to rise to 6.8 in the new year.
Senegal: Senegal’s economy has a massive growth potential, and is projected to grow to 8.0% in 2023 and further increase to 10.5% in 2024.
Cameroon: Cameroon’s economy will be stabilised by investments and private consumption at 4.3% in 2023, and grow to 4.6% in 2024.