IMF Chief sees ‘brighter prospect’ for Sub-Saharan Africa in 2024
Sub-Saharan Africa is expected to see a brighter economic outlook in 2024, according to IMF chief Kristalina Georgieva.Liu Jie/Xinhua/Getty
• Sub-Saharan Africa is expected to see a brighter economic outlook in 2024, according to IMF chief Kristalina Georgieva.Liu Jie/Xinhua/Getty
Sub-Saharan Africa is expected to see a brighter economic outlook in 2024, with growth expected to accelerate to 3.5%, up from 3% this year.
• The improved outlook is attributed to a number of factors, including a rebound in tourism and trade, as well as increased investment.
• However, there are still some challenges that need to be addressed, such as high inflation and food insecurity.
Sub-Saharan Africa is expected to see a brighter economic outlook in 2024, according to IMF chief Kristalina Georgieva
Georgieva made the comments in a speech at the Brookings Institution on Wednesday, where she said that growth in sub-Saharan Africa is expected to accelerate to 3.5% in 2024, up from 3% this year. She attributed the improved outlook to a number of factors, including a rebound in tourism and trade, as well as increased investment.
“We expect some brighter prospects for sub-Saharan Africa in 2024,” Georgieva said. “But it is hard. We still see that food prices are particularly high, and that translates into (a) terrible fate of 144 million people having difficulty into feeding themselves or their families.”
The IMF chief also noted that progress has been made in reforming the economies of sub-Saharan African countries. She said that many countries have taken steps to improve their fiscal management and business environment.
“Countries have been very prudent in dealing with inflation, which has gone down in many nations, and prioritising public spending in a way that allows them to lower deficits,” Georgieva said.
However, Georgieva warned that some challenges still need to be addressed. She said that high inflation and food insecurity remain major concerns. She also urged countries to continue to invest in education and healthcare.
“We still need to step up efforts to address food insecurity and malnutrition,” she said. “We also need to invest more in education and healthcare to build a more resilient and productive workforce.”
Georgieva’s comments come as sub-Saharan Africa is facing a number of challenges, including the COVID-19 pandemic, the war in Ukraine, and rising inflation. The pandemic has had a devastating impact on the region’s economies, and the war in Ukraine has caused food and fuel prices to soar.
Despite these challenges, Georgieva believes that sub-Saharan Africa has the potential to achieve strong and sustainable growth in the coming years. She said that the region has a young and growing population and it is rich in natural resources.
“Sub-Saharan Africa is a continent of opportunity,” Georgieva said. “It has a young and growing population, and it is rich in natural resources. With the right policies in place, sub-Saharan Africa can achieve strong and sustainable growth in the coming years.”
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