Sub Saharan Africa Economic Forecast

Economic Snapshot for Sub-Saharan Africa

November 18, 2022

Economic Growth

Regional economic growth is seen remaining largely unchanged in 2023 from this year’s projected moderation. Risks to the outlook remain, nevertheless; a looming global slowdown, extreme weather events and a frail Black Sea shipping deal are all key factors to watch. Moreover, higher interest rates threaten debt sustainability.

Inflation Outlook

Regional inflation was unchanged at August’s 19.1% in September. In 2023, headline inflation in the region should soften notably, chiefly on a statistical effect, although it will remain elevated. That said, high prices for fuel and agricultural commodities—partly due to extreme weather—and currency weakness are major upside outlook risks.

 
 

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