{"id":237484,"date":"2024-10-23T09:04:52","date_gmt":"2024-10-23T09:04:52","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/23\/imf-sees-stable-but-slow-economic-growth-in-africa\/"},"modified":"2024-10-23T09:04:52","modified_gmt":"2024-10-23T09:04:52","slug":"imf-sees-stable-but-slow-economic-growth-in-africa","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/23\/imf-sees-stable-but-slow-economic-growth-in-africa\/","title":{"rendered":"IMF sees stable but slow economic growth in Africa\u00a0"},"content":{"rendered":"

<\/p>\n

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By Francis Ntow\u00a0<\/p>\n

Washington, DC (USA), Oct 23, GNA \u2013 The International Monetary Fund (IMF) is projecting a 4.2 per cent growth for Africa by 2025, as it sees a stable but slow growth on the continent.\u00a0<\/p>\n

This was observed in the Fund\u2019s October 2024 World Economic Outlook, released on the sidelines of the ongoing Annual Meetings in Washington, DC (USA).\u00a0<\/p>\n

The Annual Meetings, a joint IMF event with the World Bank Group (WBG), provides Finance Chiefs the platform to take stock of the previous year\u2019s happenings in the global economy, providing solutions to the challenges thereof.\u00a0\u00a0<\/p>\n

According to the Fund, while the end year 2024 growth is projected to remain at 3.6 per cent like in 2023, it is expecting Sub-Saharan Africa\u2019s Gross Domestic Product (GDP) to rise to 4.2 per cent by the end of 2025.\u00a0<\/p>\n

\u201cSub-Saharan African region is one that is seeing growth rates that are fairly steady this year, compared to last year, at about 3.6 per cent, and then expected to increase to about 4.2 per cent next year,\u201d said, Pierre-Olivier Gourinchas, IMF Chief Economist.\u00a0<\/p>\n

\u201cWe\u2019re seeing some pickup in growth from this year to next year. But now, this is certainly a region that\u2019s been adversely impacted by weather shocks and, in some cases, conflict. So, the growth remains subdued and somewhat uneven, and that\u2019s certainly something that we are concerned about,\u201d he stated.\u00a0<\/p>\n

\"\"
Pierre-Olivier Gourinchas, IMF Chief Economist<\/em><\/figcaption><\/figure>\n

Jean-Marc Natal, Division Chief, Research Department, IMF, also noted that while there has been progress in the region in the last year and a half, the growth been recorded remained \u201cuneven\u2026 and too low.\u201d\u00a0<\/p>\n

\u201cInflation [is] stabilising in some countries\u2026 and reaching levels close to the target, but half of them is still at a large distance from the target, and a third of them are still having doubledigital inflation,\u201d he said.\u202f\u202f\u00a0<\/p>\n

Raising concern about debt levels in the region, he said, \u201cthe other issue is debt in the region. Obviously, it is still high. It has not increased. It has stopped increasing, and in some countries already starting to consolidate. But it\u2019s still too high.\u201d\u00a0<\/p>\n

\"\"<\/figure>\n

The IMF Division Chief called for tight monetary policy and fiscal consolidation, particularly in countries where inflation was very high, to contain inflation and its rippling effects.\u00a0<\/p>\n

\u201cIt\u2019s complicated. In many countries, there are tradeoffs\u2026 consolidating fiscal is difficult when you also have to provide for relief, like in Nigeria, for example, due to the flooding. So, targeting the support to the poor and the vulnerable is part of the package when you consolidate,\u201d said Mr Natal.\u00a0<\/p>\n

In the October World Economic Outlook, the IMF projected global economy growth to hold steady at 3.2 per cent in 2024 and 2025.\u00a0<\/p>\n

The United States was expected to cool down, while other advanced economies will rebound, with performance in emerging Asia remaining robust, despite the slight downward revision for China to 4.8 percent in 2024.\u00a0<\/p>\n

The growth for lowincome countries were revised downwards, largely attributed to some conflicts and climate shocks in the region.\u00a0<\/p>\n

The Bretton Wood institution in its World Economic Outlook observed that the battle against inflation, which peaked at 9.4 per cent year-on-year in the third quarter of 2022 had almost won.\u00a0<\/p>\n

The IMF projected headline inflation to fall to 3.5 per cent by the end of next year, as inflation in many countries were now hovering close to central bank targets.\u00a0<\/p>\n

The report recommended a policy triple pivot of balancing monetary policy with fiscal policy and structural reforms to return of inflation to near central bank targets.\u00a0<\/p>\n

GNA\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

By Francis Ntow\u00a0 Washington, DC (USA), Oct 23, GNA \u2013 The International Monetary Fund (IMF) is projecting a 4.2 per cent growth for Africa by 2025, as it sees a stable but slow growth on the continent.\u00a0 This was observed in the Fund\u2019s October 2024 World Economic Outlook, released on the sidelines of the ongoing […]<\/p>\n","protected":false},"author":1,"featured_media":237485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-237484","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"\nIMF sees stable but slow economic growth in Africa\u00a0 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/10\/23\/imf-sees-stable-but-slow-economic-growth-in-africa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF sees stable but slow economic growth in Africa\u00a0 - 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