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World Bank forecasts Africa's economy to slow in 2015

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Staff writer ▼ | October 6, 2015
Sub-Saharan Africa
Development   According to the World Bank

Sub-Saharan Africa's growth will slow in 2015 to 3.7 percent from 4.6 percent in 2014, reaching the lowest growth rate since 2009 amid weak global economic conditions, the World Bank says.

The bank's new Africa's Pulse, the biannual analysis of economic trends released in Nairobi, says 2015 forecast remains below the robust 6.5 percent growth in GDP which the region sustained in 2003-2008, and drags below the 4.5 percent growth following the global financial crisis in 2009.

"Overall, growth in the region is projected to pick up to 4.4 percent in 2016, and further strengthen to 4.8 percent in 2017," Punam Chuhan-Pole, the bank's Acting Chief Economist and lead author of the report told journalists.

Growth in Sub-Saharan Africa will be repeatedly tested as new shocks occur in the global economic environment, underscoring the need for governments to embark on structural reforms to alleviate domestic impediments to growth, the report notes.

Investments in new energy capacity, attention to drought and its effects on hydropower, reform of state-owned distribution companies, and renewed focus on encouraging private investment will help build resiliency in the power sector.


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