National Treasury building in Nairobi. The economic growth in sub-Saharan Africa is rebounding in 2017. file photo | nmg
While economic growth in Kenya has
slowed, according to latest projections from the World Bank and
International Monetary Fund, it is still among the best performing
sub-Saharan African economies according to the latest Pulse report from
the World Bank.
Its latest data reveals that seven
countries — Côte d’Ivoire, Ethiopia, Kenya, Mali, Rwanda, Senegal, and
Tanzania — continue to exhibit “economic resilience, supported by
domestic demand, posting annual growth rates above 5.4 per cent in
2015-2017.
These countries house nearly 27 per cent of
the region’s population and account for 13 per cent of the region’s
total gross domestic product.
The report also says
economic growth in sub-Saharan Africa is rebounding in 2017 after
registering the worst decline in more than two decades in 2016.
The region is showing signs of recovery, and regional growth is projected to reach 2.6 per cent in 2017.
However,
the report warns “recovery remains weak, with growth expected to rise
only slightly above population growth, a pace that hampers efforts to
boost employment and reduce poverty.”
Nigeria, South
Africa, and Angola, the continent’s largest economies, are seeing a
rebound from the sharp slowdown in 2016, but the recovery has been slow
due to insufficient adjustment to low commodity prices and policy
uncertainty.
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