IMF notes ‘subdued’ growth in Sub-Saharan Africa

The IMF expects the Sub-Saharan African economy to grow by 3.6% in 2024 and 4.2% in 2025, noting that growth remains “subdued and uneven.”

Resource-intensive countries continue to grow at about half the rate of the rest of the region, with oil exporters struggling the most, the IMF said in its regional economic outlook.

“Factors dampening growth include conflict, insecurity, drought, and electricity shortages,” it said.

The IMF notes that following a series of external shocks, many African countries were unable to access or afford financing as they continue to suffer from high poverty.

“Governments face a difficult balancing act in reducing macroeconomic vulnerabilities while also addressing development needs and ensuring that reforms are socially and politically acceptable,” said the IMF.