Africa\u2019s economic growth is projected to drop to 3.4 percent this year, down 0.6 percentage points from the four percent growth recorded in 2021, due to new macroeconomic shocks.<\/p>\n
The latest Africa Pulse report, a biannual analysis of Africa\u2019s macroeconomic outlook by the World Bank, released on Wednesday, said inflation and higher costs of living contribute to the decline.<\/p>\n
According to the report, the decrease is from economic shocks including effects of new Covid-19 variants, inflation, supply disruptions, rising public debt, climate shocks and a general slowdown in the global economy, especially in the US and China.<\/p>\n
\u201cThe slowdown in growth reflects challenges facing Africa prior to the Ukraine crisis, but have been exacerbated by the war,\u201d said Albert Zeufack, the World Bank\u2019s chief economist for Africa.<\/p>\n
The report suggests that the impacts of the Russia-Ukraine war on African economies should be negligible, because of \u201climited trade exposure\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
Africa\u2019s economic growth is projected to drop to 3.4 percent this year, down 0.6 percentage points from the four percent growth recorded in 2021, due to new macroeconomic shocks.<\/p>\n","protected":false},"author":4,"featured_media":320127,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-325233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development-partners"],"yoast_head":"\n