• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, August 7, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

IMF sees Economic growth at 3.8% in Sub-Saharan Africa

IMF

The Matters Press by The Matters Press
February 1, 2023
Reading Time: 2 mins read
0
IMF’s reasons for Nigeria’s economic recovery

The International Monetary Fund (IMF) says economic growth in Sub-Saharan Africa (SSA) is projected to remain moderate at 3.8 per cent in 2023.

RELATED POSTS

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

This is according to the IMF’s latest World Economic Outlook (WEO) Update Report for January 2023, released on Tuesday.

According to the report, the moderate growth is amid prolonged fallout from the COVID-19 pandemic, although with a modest upward revision since October 2022, before picking up to 4.1 per cent in 2024.

“The small upward revision for 2023 of 0.1 percentage point reflects Nigeria’s rising growth in 2023 due to measures to address insecurity issues in the oil sector.

“In South Africa, by contrast, after a COVID-19 reopening rebound in 2022, projected growth more than halves in 2023, to 1.2 per cent.

“This reflects weaker external demand, power shortages, and structural constraints to decline to 3.6 per cent in 2022 as against 4.7 per cent recorded in 2021.”

The report said global growth is projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 per cent in 2024.

It said the forecast for 2023 was 0.2 percentage points higher than predicted in the October 2022 WEO but below the historical (2000–19) average of 3.8 per cent.

The report said the rise in Central Bank rates to fight inflation and Russia’s war in Ukraine continued to weigh on economic activity.

It said the rapid spread of COVID-19 in China dampened growth in 2022, but the recent reopening has paved the way for a faster-than-expected recovery.

The report said Global inflation is expected to fall from 8.8 per cent in 2022 to 6.6 per cent in 2023 and 4.3 per cent in 2024, still above pre-pandemic (2017–19) levels of about 3.5 per cent.

It said in most economies, amid the cost-of-living crisis, the priority remained achieving sustained disinflation.

“With tighter monetary conditions and lower growth potentially affecting financial and debt stability, it is necessary to deploy macroprudential tools and strengthen debt restructuring frameworks.

” Accelerating COVID-19 vaccinations in China would safeguard the recovery, with positive cross-border spillovers.

“Fiscal support should be better targeted at those most affected by elevated food and energy prices, and broad-based fiscal relief measures should be withdrawn.”

The report said tronger multilateral cooperation was essential to preserve the gains from the rules-based multilateral system and mitigate climate change by limiting emissions and raising green investment.

Tags: IMF
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Nigerian firms to handle $4b gas project
Economy/Technology

ADC’s claim on refinery sale, horrendous half truth

July 23, 2025
Next Post
Nigeria loses $25b to foreign ship owners

NPA expects 29 ships with goods at Lagos ports

UK unions seek higher minimum wages for Britons

Salaries Commission moves to tackle emerging wages challenges

Recommended Stories

“Naira-4-Dollar” getting results

Naira loses against dollar by 0.09%

January 12, 2023
Buhari meets officials of IRI, NDI

Buhari meets officials of IRI, NDI

December 18, 2018
Strike puts Nigeria in darkness

WAPP electricity project crucial to ending energy poverty, says TCN boss

January 14, 2024

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month
  • Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us