The World Bank is asking the three largest economies in Africa namely Nigeria, South Africa and Angola to undertake reforms.
The bank made this call in its latest the biennial Africa Pulse Report. The report looked at the economic growth of Sub-Saharan Africa.
The report says Sub Saharan Africa recorded a growth of 2.7 percent, in 2018. That is a 0.4 percent rise from the 2.3 percent recorded in 2017.
On Angola and Nigeria the report said lower oil production offset higher oil prices. In South Africa the bank said weak household consumption growth was compounded by a contraction in agriculture.
The report revealed that Sub-Saharan African economies are still recovering from the slowdown in 2015-16. What worries the bank is the slowed growth, lower than expected.
The average growth rate in the region according to the Bank is estimated at 2.7 percent in 2018, which represents a slight increase from 2.3 percent in 2017.
Chief Economist for Africa at the World Bank, Albert Zuefack says the economies should brace themselves for tougher times ahead.
“To accelerate and sustain an inclusive growth momentum, policy makers must continue to focus on investments that foster human capital, reduce resource misallocation and boost productivity,” he said.
Zuefack further said that “policymakers in the region must equip themselves to manage new risks arising from changes in the composition of capital flows and debt”.
The World Bank is however predicting the economy to grow by 3.3% in 2019.
Source: Africafeeds.com
