The economic growth in SSA is not uniform across subregions and countries. The slow recovery of per capita income growth, at 1.2% next year and 1.4% in 2025, still falls short of accelerating poverty reduction to the region’s pre-pandemic path. Growth conditions, however, remain insufficient to reduce extreme poverty and boost shared prosperity in the medium to long term. Growth is estimated to pick up to 3.7% and 3.9% in 20, respectively-thus signaling that the slowdown in growth should be bottoming out this year. The persistent sluggishness of the global economy, declining yet high inflation rates, and challenging global and domestic financial conditions amid high levels of debt explain the downgrade. Africa also has 13 small states, characterized by a small population, limited human capital, and a confined land area.Įconomic growth in Sub-Saharan Africa (SSA) slowed to 3.6% in 2022, from 4.1% in 2021 and economic activity in the region is projected to further slow down to 3.1% in 2023. The region is composed of low, lower-middle, upper-middle, and high-income countries, 22 of which are fragile or conflict-affected. With the world’s largest free trade area and a 1.2-billion-person market, the continent is creating an entirely new development path, harnessing the potential of its resources and people. Sub-Saharan Africa, home to more than 1 billion people, half of whom will be under 25 years old by 2050, is a diverse continent offering human and natural resources that have the potential to yield inclusive growth and eradicate poverty in the region.
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