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Africa’s Economic Performance Will be Carried by the Underdogs

Economic activity in Sub-Saharan Africa is likely to gather momentum in 2023, though SA, Nigeria and Ghana will continue to pose a significant risk to the region’s overall performance, according to Fitch Solutions. The unit of Fitch Group, the global financial information services company, expects Sub-Saharan Africa’s overall growth to accelerate to 3.6% in 2023, from 3.3% in 2022, driven mainly by East and Central Africa. The region’s overall growth rate forecast to accelerate mildly in 2023, though inflation is set to remain well above the 10-year average.