Sub Saharan Africa Economic Forecast

Economic Snapshot for Sub-Saharan Africa

July 20, 2022

GDP growth will rebound in 2022

Regional growth should come in at a near decade high this year, barring 2021’s rebound. However, key risks remain, stemming from the fallout of the war in Ukraine. Twin deficits in some countries are widening, and  some debt-to-GDP ratios in the region are being pushed up to the highest levels in decades, placing many countries in debt distress risk.

Inflation to rise in 2022

Preliminary data showed regional inflation accelerated to 16.8% in June (May 15.8%). Elevated prices for agricultural commodities like fertilizer and grain, and for fuel—transport accounts for over 10% of the consumer price basket in some countries—continue to push inflation up. Extreme weather events could exacerbate food insecurity.

 
 

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