World Bank estimates growth of 2.7 percent

Luanda – The World Bank estimates that the average rate of growth in sub-Saharan Africa is 2.7 percent in 2018, a slight increase from 2.3 percent in 2017, notes the edition of Africa’s Pulse, of October, this year, to which Angop had access.

The World Bank’s biannual analysis of the state of the African economies, which was launched Tuesday in Washington, says that sub-Saharan African economies are still recovering, but growth is slower than expected.

The slower pace of recovery in sub-Saharan Africa (0.4 percentage points lower than the April forecast) is explained by the slower expansion of the region’s three largest economies, according to the report.

The report notes that the reduction of oil production in Angola and Nigeria is offset by higher oil prices, while in South Africa the weak growth in household consumption has been exacerbated by a contraction in agriculture.

It added that growth in the region, with the exception of Angola, Nigeria and South Africa, was stable.

Several oil exporters in Central Africa were helped by higher oil prices and an increase in oil production.

“The region’s economic recovery is under way, but at a slower pace than expected,” said Albert Zeufack, the World Bank’s chief economist for Africa.

To accelerate and sustain an inclusive growth drive, according to the World Bank official, policymakers must continue to focus on investments that foster human capital, reduce misallocation of resources, and increase productivity.

Source: Angola Press News Agency

World Bank estimates growth of 2.7 percent

Luanda – The World Bank estimates that the average rate of growth in sub-Saharan Africa is 2.7 percent in 2018, a slight increase from 2.3 percent in 2017, notes the edition of Africa’s Pulse, of October, this year, to which Angop had access.

The World Bank’s biannual analysis of the state of the African economies, which was launched Tuesday in Washington, says that sub-Saharan African economies are still recovering, but growth is slower than expected.

The slower pace of recovery in sub-Saharan Africa (0.4 percentage points lower than the April forecast) is explained by the slower expansion of the region’s three largest economies, according to the report.

The report notes that the reduction of oil production in Angola and Nigeria is offset by higher oil prices, while in South Africa the weak growth in household consumption has been exacerbated by a contraction in agriculture.

It added that growth in the region, with the exception of Angola, Nigeria and South Africa, was stable.

Several oil exporters in Central Africa were helped by higher oil prices and an increase in oil production.

“The region’s economic recovery is under way, but at a slower pace than expected,” said Albert Zeufack, the World Bank’s chief economist for Africa.

To accelerate and sustain an inclusive growth drive, according to the World Bank official, policymakers must continue to focus on investments that foster human capital, reduce misallocation of resources, and increase productivity.

Source: Angola Press News Agency