Nigeria, South Africa and Angola, which make up about 60 per cent of sub-Saharan Africa’s annual economic output, were all facing various challenges.
The World Bank has cut its growth forecast for Sub-Saharan Africa for the year to 2.8 per cent from an initial 3.3 per cent, it said on Monday.
The bank said Nigeria, South Africa and Angola, which make up about 60 per cent of sub-Saharan Africa’s annual economic output, were all facing various challenges, curbing their contribution to the growth momentum. “South Africa came out of recession in the third quarter of last year but investors were still cautious due to policy uncertainty.
High inflation and heavy debt loads discouraged investors in economies such as Zambia and Liberia, hitting their growth prospects, the World Bank said.
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