Rwanda president, Paul Kagame
A World Bank report has said Rwanda will become the fastest-growing economy in sub-Saharan Africa with a Gross Domestic Product (GDP) of 8.1% this year.
This will be followed by Ivory Coast with a 7% growth rate and Senegal, which shares the 3rd spot with Ghana, with a growth rate of 6.8%.
The World Bank’s latest report also indicated that regional growth is expected to pick up to 2.9% in 2020, assuming investor confidence improves in some large economies, energy bottlenecks ease, a pickup in oil production contributes to recovery in oil exporters and robust growth continues among agricultural commodity exporters.
“The forecast is weaker than previously expected, reflecting softer demand from key trading partners, lower commodity prices, and adverse domestic developments in several countries”, it said.
In South Africa, growth is expected to pick up to 0.9%, assuming the new administration’s reform agenda gathers pace, policy uncertainty wanes, and investment gradually recovers.
Growth in Nigeria is also expected to edge up to 2.1% as the macroeconomic framework is not conducive to confidence.
Growth in Angola is anticipated to accelerate to 1.5%, assuming that ongoing reforms provide greater macroeconomic stability, improve the business environment, and bolster private investment.
In the West African Economic and Monetary Union, growth is expected to hold steady at 6.4%.
In Kenya, growth is seen edging up to 6%.
