Bank cuts 2019 growth forecast for the region to 2.8% from 3.3% on global uncertainty and domestic macroeconomic instability
Employees work on the trading floor at the Nigerian Stock Exchange in Lagos, Nigeria, on Tuesday, April 2, 2019. File photo: BLOOMBERG/RUTH MCDOWELL
The bank’s 2019 forecast means economic growth will lag population growth for the fourth year in a row and it will remain stuck below 3%, which it slipped to in 2015. Nigeria, SA and Angola, which make up about 60% of sub-Saharan Africa’s annual economic output, were all facing various challenges, curbing their contribution to the growth momentum, the bank said.
SA came out of recession in the third quarter of 2018 but investors were still cautious due to policy uncertainty, the bank said. Rates of debt in the region are growing and the type of borrowing that countries are undertaking is exposing them to vulnerabilities, it said.
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