Economic growth in sub-Saharan Africa is forecast to slow to 2.5% this year from 3.6% in 2022, the World Bank said.
Africa’s economic growth is being held back by regional powerhouses South Africa and Nigeria, adding to challenges alongside crippling debt costs and a recent spate of coups.
Heavy drag South African growth is expected to slip to 0.5% in 2023, held back by rolling power cuts and infrastructure bottlenecks that dent exports. Nigeria’s economy is seen expanding by 2.9%. Africa also faces a debt overhang that is weighing on public finances amid rising global interest rates. To address these challenges, “African policymakers need to design an inclusive growth strategy to provide steady and productive jobs for the more than 10 million youth that join the workforce each year,” it said.
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