AFRICA ( Commonwealth Union) _ The International Monetary Fund issued a warning in its report on the region’s economic outlook that Sub-Saharan Africa is grappling with a severe financial shortfall that endangers the region’s growth.
The group also issued a warning that the region’s economic recovery is already being further delayed by public debt. Africanews posed questions to Catherine Patillo, the deputy director of the IMF’s Africa Department.
Senegal: Religious festivities marked by price increases
IMF predictions indicate that the country’s economy is slowing down much more quickly than projected, but Senegal is also dealing with unsettling inflation. In 2022, it increased to 9.7 percent, the highest level in decades.
In particular, the predicament is brought on by the rising cost of food. An intolerable rise, especially during the holidays, for the majority of Senegalese households. Wahany Johnson’s report from Dakar.
Libya: boosting exports of dates
Libyan date farmers would like to export their large harvests, but they encounter a number of obstacles that delay their aspirations for freedom. Date production in the Wahat and Awjila districts is renowned to be high, at up to 150,000 tons annually. Due to inadequate marketing, a large portion of this fruit is wasted or used as animal feed.
The estimate for slow growth shows exactly how much the Russian invasion of Ukraine has slowed down the global economy’s recovery from the epidemic. Oil, natural gas, fertilizer, and other crucial resource supplies were disrupted by the conflict, which added to inflation in many nations. Georgieva attributed the slowdown in economic growth which decreased to 3.4% in 2022 from 6.1% the previous year to the invasion and its wide-ranging effects.
One of Africa’s most developed economies, South Africa, is anticipated to increase by 0.1% in 2023 and 1.8% in 2024. Ethiopia, Tanzania, the Democratic Republic of the Congo, Uganda, Burkina Faso, and Mali are expected to have low-income African nations with greater growth rates exceeding 5% in 2023 and 2024. Senegal, Cote d’Ivoire, and Kenya are predicted to be the top performers among middle-income nations in 2023, with growth rates of 8.3%, 6.2 percent, and 5.3%, respectively.
