The International Monetary Fund has released an update of its global economic outlook. The latest published statistics mention that economic growth in sub-Saharan Africa could reach 3.8%.

The World Bank has lowered its previous forecasts for sub-Saharan Africa, the Fund expects a slight increase of 0.1 percentage points thanks to improved growth in Nigeria. The new forecast, which is slightly more optimistic than that of October (+0.1 percentage point), is motivated by the expected improvement in economic growth in Nigeria, the region's leading economic power in terms of GDP. The Fund estimates that Nigeria's growth should reach 3.2% in 2023, compared with 3% in 2022, thanks to “measures taken to address insecurity issues in the oil sector.”

South Africa, the region's second largest economic power in the region in terms of economic growth, is expected to record low growth of 1.2%, after the economic rebound recorded after Covid-19. According to the Fund's report, this forecast is motivated by “a fall in external demand, electricity shortages, and structural constraints.”