Economic Turmoil Brings Uncertainity to Continent: Africa
International Monetary Fund Sub-Saharan Africa is projected to grow by 3.6 percent in 2022 – more than one percentage point slower than 2021 mainly due to a worldwide slowdown, tighter financial conditions, and volatile commodity prices.
International support to address ongoing challenges, including food insecurity and the green energy transition, remains essential.Sub-Saharan Africa’s economic activity is expected to slow significantly in 2022 and remain relatively modest in 2023. A downturn in advanced economies and emerging markets, tighter financial conditions, and volatile commodity prices, have undermined last year’s gains. Looking ahead, the outlook remains highly uncertain.
less striking relative to historical averages for sub-Saharan Africa, the cost-of-living squeeze has pushed millions of people into acute food insecurity and could weigh on economic growth and undermine social and political stability.
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