ADVERTISEMENT

GDP growth to slow to 3.7 pct this year - World Bank

Commodity-dependent economies from Zambia to Nigeria have suffered this year from the price rout of commodities like copper and oil

Visitors are silhouetted against the logo of the International Monetary Fund at the main venue for the IMF and World Bank annual meeting in Tokyo October 10, 2012.    REUTERS/Kim Kyung-Hoon

Economic growth is set to slow in Sub-Saharan Africa to 3.7 percent this year, its weakest pace since 2009, mainly due to the drop in commodity prices, the World Bank said on Monday.

The region's economy, which grew 4.6 percent last year, will strengthen only marginally in the next two years, it predicted.

"Growth in the region is projected to pick up to 4.4 percent in 2016, and further strengthen to 4.8 percent in 2017," it said in a bi-annual report titled Africa's Pulse.

Commodity-dependent economies from Zambia to Nigeria have suffered this year from the price rout of commodities like copper and oil, triggering currency falls that forced policymakers to tighten interest rates in response.

ADVERTISEMENT

Repeating long-standing advice to commodity producers, the Bank's vice president for Africa, Makhtar Diop, said the slowdown should encourage policymakers to diversify economic activity.

"The end of the commodity super-cycle poses an opportunity for African countries," Diop said.

"Implementing the right policies to boost agricultural productivity, and reduce electricity costs while expanding access, will improve competitiveness and support the growth of light manufacturing," he said.

The report said Cote d'Ivoire, Ethiopia, Rwanda, Mozambique and Tanzania are still expected to grow robustly, posting 7 percent or more growth per year between this year and 2017.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Wike thanks Tinubu for the opportunity to serve

Wike thanks Tinubu for the opportunity to serve

Tinubu’s aide distributes food items to 1,750 persons in FCT, Kwara

Tinubu’s aide distributes food items to 1,750 persons in FCT, Kwara

Court grants senator accused of forging NYSC certificate ₦50m bail

Court grants senator accused of forging NYSC certificate ₦50m bail

BREAKING: Delta monarch declared wanted by military surrenders to police

BREAKING: Delta monarch declared wanted by military surrenders to police

Renowned Canada-based Nigerian playwright, Oguntokun is dead

Renowned Canada-based Nigerian playwright, Oguntokun is dead

Kaduna Gov grants scholarship to 137 rescued schoolchildren, son of late teacher

Kaduna Gov grants scholarship to 137 rescued schoolchildren, son of late teacher

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT