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The International Monetary Fund (IMF) has reduced its economic growth forecast for sub-Saharan Africa to 3.5% this year from 3.5% this year, compared to 3.8% last October.
The new forecast reflects downward revisions for Angola and Nigeria, accompanied by a decline in oil prices, the IMF said in a report released on Tuesday.
South Africa, the most advanced economy in the region, saw its growth reduced to 1.2% due to the uncertainty of economic policy because of the upcoming elections in May.
The IMF's regional growth forecast was more optimistic than that of the World Bank, which said Monday that the economic recovery in sub-Saharan Africa would take longer than expected and that it would reduce its forecast for 2019 to 2.8 percent. , against 3.3% previously.
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Falling commodity prices in 2015 put an end to a decade of rapid growth for the economies of the region.
While well diversified economies that do not depend on commodities such as Rwanda are still experiencing rapid economic expansion, others like Zambia have struggled to maintain their growth momentum.
Ghana and South Sudan will be the fastest growing economies this year, with growth of 8.8 percent each, the IMF said. South Sudan is emerging from several years of conflict after signing a peace agreement last year, which allowed it to start pumping crude oil.
Source: IMF
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