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10 African countries with the lowest GDP projection for 2023 as the year rounds off

10 African countries with the lowest GDP projection for 2023 as the year rounds off
  • Business Insider Africa presents 10 African countries with the lowest GDP projection for 2023 as the year rounds off.
  • This is according to the International Monetary Fund’s World Economic Output report for October. 
  • The IMF's basic case assumes that inflation keeps declining.

GDP projections play an important role in defining the economic strategies and policies of governments throughout the world.

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These projections are particularly essential for African countries since they provide insight into the continent's overall development trajectory, growth potential, and economic health.

As Africa navigates its economic terrain, leveraging insights from GDP estimates will be critical in crafting a sustainable and inclusive future.

The International Monetary Fund detailed each country's real GDP (annual percentage change) in its World Economic Output (WEO) report for October.

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As long as central banks maintain their restrictive stance, inflation will continue to decline under the IMF's baseline scenario. The worldwide real GDP per capita loss that often happens during a global recession is not included in the baseline scenario.

The first half of 2023 saw more robust growth and employment than anticipated by the WEO in April.

Although the global average prediction has mostly not changed from the July 2023 WEO Update, different countries have different growth and inflation projections.

Having said that, the top 10 African nations with the highest GDP predictions for 2023 are shown below as the year draws to a close.

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Rank Country GDP projection
1. Equatorial Guinea -6.2%
2. São Tomé and Príncipe 0.5%
3. South Africa 0.9%
4. Central African Republic 1.0%
5. Ghana 1.2%
6. Tunisia 1.3%
7. Angola 1.3%
8. Malawi 1.7%
9. Lesotho 2.1%
10. Morocco 2.4%
This is a Business Insider Article, for more articles like this, visit africa.businessinsider.com

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