The World Bank has lowered its economic growth forecast for sub-Saharan Africa this year, citing the devastating impact of Sudan’s civil war.
The region’s growth is now projected to reach 3%, down from the previous estimate of 3.4%.
Despite the downward revision, the bank remains optimistic about Africa’s economic prospects, predicting a rebound to 3.9% growth next year.
This is fueled by higher private consumption and investment.
However, several challenges loom large, including armed conflicts, climate change, and high debt service costs.
The conflict in Sudan, in particular, has dealt a severe blow to the region’s economy, causing widespread displacement and humanitarian crises.
The report also highlights the need for increased investments in infrastructure and human capital to accelerate Africa’s development.
Without adequate investments, the region’s progress will be hindered, and poverty reduction efforts will be hampered.