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IMF: Sub-Saharan Africa growth may slow down

by ChemOrbis Editorial Team -
  • 30/04/2015 (16:28)
According to media sources, the International Monetary Fund (IMF) is forecasting a reduction in economic growth in sub-Saharan Africa’s major oil producing countries on the back of lower crude oil prices.

According to the IMF, the continent’s growth may slow to 4.5% this year from last year’s 5% growth. Te IMF is predicting an average growth rate of 4.75% for the 2015-2016 period.

The IMF report said that Nigeria’s real GDP growth in 2015 and 2016 is expected to average 5%. This rate is above the forecast for sub-Saharan Africa as a whole, but it is still down from the 7.5% growth which was projected in the IMF’s October 2014 report.

Meanwhile, Angola, Africa’s second largest oil producer, is expected to see 4.25% real GDP growth in 2015-2016, down from average growth of 5.50% in the 2012 to 2014 period.
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