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Sub Saharan Africa Economic Forecast

Economic Snapshot for Sub-Saharan Africa

bet360备用网址February 26, 2020

Growth is expected to accelerate in 2020

bet360备用网址Regional growth is seen accelerating this year amid a slight pick-up in activity in the largest economies of Nigeria and South Africa. That said, subdued global trade, dampened by the coronavirus outbreak and lingering U.S.-China tensions; commodity price volatility; extreme weather events; insecurity risks; and rising external debt concerns all weigh heavily on the outlook.

 

 

Sub-Saharan Africa Monetary & Financial Sector News

Regional inflation slowed for the first time in nearly a year at the outset of 2020, coming in at 14.7% in January (December: 15.6%). Falling inflation in Ethiopia and Ghana mainly led the deceleration.  Price pressures in the region are expected to ease this year amid still-tight monetary conditions.

With the exception of Kenya’s Central Bank, which unexpectedly cut rates to boost credit and growth, the rest of the major monetary authorities stood pat recently. Notably, Ghana’s Central Bank remained on hold in a bid to support the currency, despite easing activity and inflation. This year, the region’s policymakers are seen keeping policy relatively tight overall.

Most of the region’s currencies weakened against the U.S. dollar over the past month. The major exception was the Ghanaian cedi, which rallied amid lower foreign currency demand from importers and high domestic nominal interest rates. The vast majority of the region’s currencies are projected to depreciate this year, though less sharply than in 2019.

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