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African economy expects moderate recovery in 2017/2018

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Lagos the Capital City of of Africa?s biggest economy. Source: Odinaka Mbonu via lamudi
Lagos the Capital City of of Africa?s biggest economy. Source: Odinaka Mbonu via lamudi

A moderate economic growth recovery is projected in Arica for 2017/18 as the global economy continues to be trapped in a prolonged period of slow growth, according to the United Nations Economic Situation Prospects (WESP) 2017 released on Thursday.

The report that projected modest global economic recovery in 2017 and 2018 with 2.7 percent and 2.9 percent respectively, up from 2.2 percent in 2016, indicated that robust and sustained growth remains elusive.

Meanwhile, Africa, with a decade low of 1.7 percent in 2016 down from 3.7 percent in 2015, is expected to recover at a moderate pace, with the GDP projected to expand by 3.2 percent in 2017 and 3.8 percent in 2018.

The report, however, indicated disparities in growth prospects among the five African sub-regions.

East Africa is positioned to remain the fastest-growing sub-region, with aggregate GDP projected to expand by about 6 percent in 2017 and 2018.

Growth in Southern Africa is relatively subdued, with its GDP projected to grow by 1.8 percent in 2017 and 2.6 percent in 2018. Growth in central Africa is also projected to strengthen from 2.4 percent in 2016 to 3.4 in 2017.

West Africa is expected to see growth rebound from 0.1 percent in 2016 to 3.1 percent in 2017, as the projected increase in oil prices eases severe fiscal and external pressures in Nigeria.

For several other West African countries, such as Cote d’Ivoire, Ghana and Senegal, the growth outlook remains strong, aided by large infrastructure investments and an improved domestic business climate.

Growth in North Africa is also projected to accelerate from 2.6 percent in 2016 to 3.5 percent in 2017, contingent on a gradual improvement in the security situation.

Weak global economic conditions, persistent low oil and commodity prices, and adverse weather conditions were said to be the major factors that affected Africa’s economy during 2016. Enditem

Source: Xinhua/NewsGhana.com.gh

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