Things are looking up for SSA


The economy of Sub-Saharan Africa (SSA) is expected to grow a moderate 2.4 percent in 2017 before gaining steam next year, says FocusEconomics.

It said in its most recent economic snapshot update:

"Stronger activity in Nigeria and South Africa should propel the region as both economies benefit from more accommodative monetary policies and growing confidence."

In addition, higher commodities prices should boost growth in a number of countries in the region, it said.

FocusEconomics analysts kept their 2018 forecasts unchanged and see GDP growing 3.4 percent. In 2019, growth is projected to increase to 3.7 percent. The update said:

"Behind the stable forecast are unchanged projections for 2018 for seven of the region's 13 economies. However, DR Congo, Ghana and Nigeria had their forecasts cut. In contrast, prospects were raised for Ethiopia, Kenya and Zambia."

According to FocusEconomics, Cote d'Ivoire and Ethiopia will likely be the fastest-growing economies next year, experiencing growth of 7 percent or more. Conversely, the region's heavyweights will be the poorest performers, with South Africa expected to grow just 1.3 percent, followed by Angola and Nigeria at 2.6 percent each.

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