IMF sees rebound on the horizon for Africa’s economies – including South Africa.
Africa’s economic activity will likely slow again this year amid taxing headwinds but is expected to recover in 2024, according to the International Monetary Fund’s latest regional outlook.
The region was slammed by the pandemic and surging food prices after Russia’s invasion of Ukraine, with soaring inflation leading to aggressive interest-rate increases around the world. Growth in its economy, which is forecast to grow by 0.9% this year – up from its last forecast in July of 0.3% growth – is predicted to accelerate further to 1.8% in 2024, the IMF said, based partly on continued improvements in the supply of the country’s electricity.
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