World Bank Forecasts Slowing Economic Growth in Sub-Saharan Africa for 2023

The World Bank predicts economic growth in Sub-Saharan Africa will slow to 2.5% in 2023, a downward revision from previous forecasts.

28 of 48 Sub-Saharan African countries have had their 2023 growth projections revised downward.

Factors contributing to the downward trend include tight monetary and fiscal policies, high debt risks, infrastructure constraints, and rising conflict.

Research shows lower elasticity between GDP and household consumption growth in Africa compared to other regions.

The top 10 highest projected growth countries in Sub-Saharan Africa in 2023 are Rwanda, DRC, Côte d'Ivoire, Mozambique, Ethiopia, Benin, Cabo Verde, Uganda, Togo and Tanzania.