… Ghana, South Sudan, Lead The Pack
The International Monetary Fund’s World Economic Outlook report released in Washington D.C, on Tuesday, April 9, 2019, has projected that six of the world’s currently fastest-growing economies are in Africa. The six countries are: Ghana, South Sudan, Rwanda, Ethiopia, Ivory Coast, and Senegal.
The World Economic Outlook report is put together by the research department of the IMF. It looks at the global economy, opportunities, threats as well as reviews the economics 189 members of the Fund.
It is based on historical data and projections based on information picked up by IMF country desk offices in the member countries.
According to the report, Ghana and South Sudan will be the fastest-growing economies this year. Both countries are projected to expand by 8.8 percent. South Sudan is emerging from years of conflict, after a peace deal last year, which has enabled it to start pumping crude oil. Meanwhile, Ghana also exited its 16th IMF bailout a few weeks ago, with the hope of never going back.
Rwanda is expected to expand by 7.8 percent, while Ethiopia is projected to grow by 7.7 percent. The IMF has predicted Ivory Coast and Senegal to grow by 7.5 and 6.9 respectively.
Meanwhile, The report showed downward revisions for Angola and Nigeria, with a softening in oil prices. The growth of South Africa, the region’s most advanced economy, was trimmed to 1.2 percent due to policy uncertainty in the economy due to upcoming elections in May.
