Speaking during the launch of the latest report, ICAEW Regional Director for Middle East, Asia and Africa Michael Armstrong, noted that the strength of the diversified economies in the east of the continent plays a major role in cushioning them from the shocks a global slowdown in economic growth.
Although it will pick up next year, GDP in the continent’s other regions will remain relatively subdued, largely due to lacklustre performances in Nigeria, Angola and South Africa. Growth in West & Central Africa is expected to increase from 3.4% in 2019 to 3.7% next year, largely held back by a subdued economic performance by Nigeria due to some erratic and ineffective policy decisions. In Southern Africa growth is expected to come in at 2.2% in 2020 compared with a 1.3% expansion in 2019. The South African economy will keep stagnating this year, also due to policy uncertainty, while electricity constraints have had a negative impact on industry and have deterred investment in general.
The full Economic Insight: Africa report can be found here:
Distributed by African Media Agency (AMA) on behalf of ICAEW.
Get Your News on Wundef.com
Send us your business and entrepreneurship stories/news and articles to email@example.com or through whatsapp, +233247516850.
And also follow us on Twitter