Regional Economic Outlook, Sub-Saharan Africa, October 2023: Light on the Horizon?

Author: International Monetary Fund. African Dept.

Growth in sub-Saharan Africa in 2023 is expected to fall for the second year in a row to 3.3 percent. But inflation is falling, public finances are stabilizing, and growth is set to rebound to 4.0 percent next year. Still, it is too early to celebrate.

Publication date: October 2023

ISBN: 9798400253508

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Topics covered in this book

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Banks and Banking , Inflation , Economics- Macroeconomics , Public Finance , International - Economics , economic conditions , economic forecasting , Africa economic development , economic policy , sub-Saharan Africa , inflation expectation , inflation-depreciation spiral , funding squeeze , food price inflation , IMF financing arrangement , consumption basket , sub-Saharan Africa face , inflation fall , Inflation , Exchange rates , Food prices , Central bank policy rate , Government debt management , Global

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Summary

Still emerging from the COVID-19 pandemic, countries in sub-Saharan Africa have been hit by a sluggish global economy, worldwide inflation, high borrowing costs, and a cost-of-living crisis. In many cases, inflation is still too high, borrowing costs are still elevated, exchange-rate pressures persist, and political instability is an ongoing concern. To ensure that the coming rebound is more than just a transitory glimpse of sunshine, it is important for authorities to guard against a premature relaxation of stabilization policies, while also focusing on reforms to both claw back lost ground from the four-year crisis and also to create new space to address the region’s pressing development needs.