The latest Regional Economic Outlook report from the International Monetary Fund predicts that economic #growth in Sub-Saharan #Africa will decline to 3.6 percent in 2023.
While some countries will see modest growth, others, like South Africa, will experience slower growth, dragging down the regional average.
Furthermore, due to limited funding, many countries may be forced to cut resources for critical sectors like #health, #education, and #infrastructure, which could #weaken the region’s growth #potential.
💡 The report recommends four key #policy priorities to address the #macroeconomic imbalances in the current financing environment:
1️⃣ Consolidating public finances and improving public financial management in challenging funding conditions.
2️⃣ Containing inflation.
3️⃣ Allowing exchange rates to adjust while mitigating negative economic impacts.
4️⃣ Ensuring that climate change efforts don’t come at the expense of basic needs like health and education.
Policymakers and stakeholders must work together to implement these policy priorities to support sustainable and inclusive growth in the #region.
🔎 Want to dive deeper into the report’s insights? Check out the full version.
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