‘Sub-Saharan Africa records slowest growth in 2021’
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An International Monetary Fund (IMF) report on the Regional Economic Outlook on Sub-Saharan Africa has revealed that the region will be the world’s slowest growing region in 2021, and risks falling further behind as the global economy rebounds.
Speaking at a virtual press briefing on the Regional Economic Outlook recently, Abebe Aemro Selassie, Director of the African Department of the IMF, highlighted that although the outlook of the Sub-Saharan Africa region has improved since October 2020, the -1.9% contraction in 2020 remains the worst performance on record.
Even during these unprecedented times of the pandemic, the IMF report reflects that the region will recover some ground this year and is projected to grow by 3.4 percent. On the other hand, per capita output is not expected to return to 2019 levels until after 2022.
Sub-Sahara Africa yet to feel impact of Covid-19 -IMF - The Chronicle Online
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IMF: Sub-Saharan Africa needs $245 billion external funding in five years
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Sub-Saharan Africa needs $245 billion external funding in five years – IMF
The region needs reforms in digitalisation, trade integration, competition, transparency and governance and climate-change mitigation. 2 min read
The International Monetary Fund (IMF) says sub-Saharan Africa’s low-income countries face additional external funding needs of about $245 billion over the next five years or 425 billion dollars for the whole region.
Abebe Selassie, IMF’s Director, African Department, said this on Thursday in Washington D.C. during a media conference on the release of the April Regional Economic Outlook for Sub-Saharan Africa.
According to him, this is to help boost spending on the pandemic response, maintain adequate reserves and accelerate income convergence.