Key message for Africa is that regional growth is expected to accelerate to 3.4 percent in 2019.
Growth in the region is estimated to have increased from 2.6 percent in 2017 to 2.7 percent in 2018, slower than expected, partly due to weaknesses in Nigeria, South Africa, and Angola.
Growth in Nigeria picked up to 1.9 percent but oil production fell mid-year and non-oil activity was dampened by poor consumer demand and disputes that disrupted crop production.
Regional growth is expected to accelerate to 3.4 percent in 2019, predicated on diminished policy uncertainty and improved investment in large economies together with continued robust growth in non-resource intensive countries.
Growth in Nigeria is expected to rise to 2.2 percent in 2019, assuming that oil production will recover and a slow improvement in private demand will constrain growth in the non-oil industrial sector.
Economic activity in the CEMAC countries is expected accelerate to 3 percent, benefiting from higher oil production and an increase in domestic demand as fiscal tightening eases.
Côte d’Ivoire is forecast to moderate to a 7.3 percent pace, Kenya is anticipated to pick up to a 5.8 percent rate, and Tanzania is expected to accelerate to a 6.8 percent pace. Key message for Africa is that regional growth is expected to accelerate to 3.4 percent in 2019.
Political uncertainty and a weakening of economic reforms could continue to weigh on the economic outlook in many countries, especially those holding elections in 2019; Malawi, Mozambique, Nigeria and South Africa.
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