Sub Saharan Africa Economic Forecast

Economic Snapshot for Sub-Saharan Africa

June 22, 2022

GDP growth will cool in 2022

Regional economic growth should cool this year. The  impacts of higher commodity prices due to the war in Ukraine—greater inflation and a bigger import bill—will weigh on activity. Household consumption is further dented by high unemployment. Moreover, the war will also balloon public debt ratios and could place many countries on the brink of debt distress.

Inflation to rise in 2022

Preliminary data showed that regional inflation rose to 15.6% in May from 14.6% in April . Consumer prices have been pushed up by elevated commodity prices, particularly for grain, fertilizers and oil due to the war in Ukraine. Countries that are net food and fuel importers will particularly suffer, while adverse weather and disrupted trade could exacerbate food insecurity.

 
 

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