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World Bank optimistic about the GDP growth in Sub-Saharan Africa

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The latest Global Outlook issued by the World Bank estimates an average 2.9% growth in sub-Saharan Africa for 2020. This positive trend is based on a series of assumptions made by the Bank on the expected increase of investor confidence in some large African economies, the easing of energy bottlenecks, the pickup in oil production (that will favour African oil exporter-countries) and a continued growth of agricultural commodity exports.

Although the WB's forecasts are weaker than previously expected, projections are in countertendency with other developed economies, like the United States, where the World Bank estimates that the GDP growth will slow down from 2.3% in 2019 to 1.8% in 2020 and 1.7% in both 2021 and 2022, the European Union, where the GDP growth will slow down from 1.1% in 2019 to 1% in 2020, raising again to 1.3% in both 2021 and 2022 and Japan, where GDP rates will decrease from 1.1% of 2019 to 0.7, 0.6 and 0.4% in the years 2020, 2021 and 2022.

Among the faster-growing regions in Africa, the West African Economic and Monetary Union (WAEMU) is expected to remain stable at 6.4% in 2020, reaching 6.5% in 2021 and 6.9% in 2022.

Among the Eastern African Community Partner States, the best performers will be Tanzania (the GDP rate is projected to grow from 5.6 % in 2019 to 5.8% in 2020 and 6.1 and 6.2% in 2021 and 2022, respectively), and Burundi (where the GDP will grow from 1.8 % in 2019 to 2.0% in 2020 and 2.1 and 2.2% in 2021 and 2022, respectively). In Kenya, the real GDP rate is projected to grow from 5.8% of 2019 to 6.0% in 2020, going back to 5.8% in the following 2 years. A similar fluctuating trend is estimated in Uganda, where GDP growth is expected to initially grow to 6.5% in 2020 (from the 6.1% in 2019), declining to 5.9% in 2021 and reaching 6.0% in 2022.

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