The deputy director of the Africa Department at the International Monetary Fund (IMF), Catherine Pattilo, expressed optimism about the economic prospects of sub-Saharan Africa in a recent interview on JoyNews’ PM Express.
Pattilo characterized the past four years as “brutal” for the region, marked by various substantial shocks. However, she noted that the prospect is beginning to positively transform.
One of the most encouraging signs, according to her, is the observed growth in the region. After experiencing two consecutive years of decline, she highlighted that sub-Saharan Africa is now poised for a growth resurgence.
Projections indicate that economic growth will increase from 3.4% in 2023 to 3.8% in 2024 and further to 4% in 2025.
“So we are seeing a growth recovery. After two years of decline, now growth is set to increase from 3.4% in 2023 to 3.8% in 2024 and 4% in 2025. So when you look across, two-thirds of the countries in sub-Saharan Africa are going to see an increase in growth.
“So it is not just a few big countries, it is widespread and that is significant. That is one of the positive signs.”
These projections give a glimmer of hope for people in Sub-Sharan Africa as the region grapples with various challenges, including the global pandemic, commodity price fluctuations, and geopolitical uncertainties.
Pattilo’s positive outlook aligns with efforts by policymakers and stakeholders across sub-Saharan Africa to foster resilience and sustainable development.
While acknowledging that there are still hurdles to overcome, including persistent poverty and inequality, she expressed confidence in the region’s ability to navigate these challenges with determination and strategic policy measures.
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