Sub-Saharan Africa set to grow 2.9 percent in 2017

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Sub-Saharan Africa set to grow 2.9 percent in 2017

2:10 CAT | 12 Jan 2017

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The economies of sub-Saharan Africa are expected to grow 2.9 percent this year, with Angola set to expand by 1.2 percent and Mozambique by 5.2 percent, the World Bank predicts.

“Growth in sub-Saharan Africa is expected to show a modest 2.9 percent acceleration in 2017 as the region continues to adjust to lower prices of basic commodities,” the World Bank report “Global economic perspectives: Weak investment in uncertain times” released in Washington this Wednesday, claims.

“According to estimates, the growth in the Sub-Saharan Africa region fell to 1.5 percent in 2016, the slowest pace in two decades, as the economies of countries exporting basic commodities adapted to lower prices,” the report reads, pointing out that “the oil-exporting countries, who contributed two-thirds of the regional production, were responsible for the bulk of the decline, while the activity of non- resource-intensive economies generally remained solid”.

Source: Sub-Saharan Africa set to grow 2.9 percent in 2017