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S addressing reporters immediately following the publication of the April 2019 issue of Africa's Pulse, the World Bank's half-yearly review of the situation of African economies yesterday in Accra, he said. : "In recent years, conditions have improved, inflation has the budget deficit has decreased significantly, from 7.4% in 2016 to 3.9% in 2018 … Basically, all the targeted improvements that had have been defined for Ghana have now been more or less realized. "
He also commended the government for its commitment not to spend too much in light of its recent exit from the IMF's extended credit facility program.
According to him, the World Bank forecast a growth of 7.6% for Ghana this year, which was slightly higher than the target of 7.2% set by the government, adding that oil production and the non-oil sector oil tanker should accelerate this year growth goal.
The conclusions of the African pulse
According to the report, growth in sub-Saharan Africa increased from 2.5 percent in 2017 to 2.3 percent in 2018.
He also said economic growth remained below population growth for the fourth year in a row, adding that although regional growth is expected to rebound to 2.8 percent in 2019, it has remained below 3 percent since 2015.
He further examined the fragility of sub-Saharan Africa and how the digital economy could help the continent to move forward.
"The digital transformation can increase growth by almost two percentage points a year and reduce poverty by as much as one percentage point a year in sub-Saharan Africa alone. This is a game changer for Africa, "said Albert Zeufack, chief economist of the World Bank for Africa.
Slower than expected global growth reflected the persistent global uncertainty, but was increasingly the result of domestic macroeconomic instability, including poorly managed debt, poor credit, and a lack of credit. Inflation and deficits; political and regulatory uncertainties and weaknesses that have visible negative impacts on some African economies.
"In Nigeria, growth reached 1.9% in 2018, compared to 0.8% in 2017, reflecting a modest recovery in the non-oil economy. South Africa emerged from the recession in the third quarter of 2018, but growth was moderate at 0.8% year-on-year, as political uncertainty dampened investment. Angola's third economy, Angola, has remained in recession and its growth has declined sharply, with oil production remaining low.
"Growth has resumed in some resource-intensive countries, such as the Democratic Republic of Congo and Niger, while rising mineral production and commodity prices have stimulated activity along with resumption of agricultural production and public investment in infrastructure. In other countries, such as Liberia and Zambia, growth has been moderate, with high inflation and high levels of debt continuing to weigh on investor sentiment. "
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