Sub-Saharan Africa can expect economic growth of 3.4 percent in 2019 and 3.6 percent in 2020, according to the July World Economic Outlook report released by the International Monetary Fund.
The IMF says oil prices have supported the outlook for Angola, Nigeria, and other oil-exporting countries in the region.
However, the report paints a grim picture for South Africa saying it expects a more subdued pace in 2019 than projected in the April WEO following a very weak first quarter, reflecting a larger-than-anticipated impact of strike activity and energy supply issues in mining and weak agricultural production.
“Climate change, political risks, conflict are a threat and Climate change remains an overarching threat to health and livelihoods in many countries, as well as to global economic activity, “The report said.
Further domestic policy mitigation strategies are failing to muster wide societal support in some countries.
This even as international cooperation is diluted by the non-participation of key countries. Other risks previously discussed in the April WEO have become even more salient in recent months, notably rising geopolitical tensions in the Persian Gulf.
At the same time, civil strife in many countries raises the risks of horrific humanitarian costs, migration strains in neighboring countries, and, together with geopolitical tensions, higher volatility in commodity markets.
