The Africa Outlook: 2023
Key trends that will shape business, policy, and economy this year
The World Economy faces considerable headwinds in 2023. In its latest Global Economic Prospects Report the World Bank notes that global growth is “slowing sharply”, buffered by elevated inflation, higher interest rates and reduced investment, and disruptions caused by Russia’s invasion of Ukraine.
It projects growth of 1.7% globally in 2023 and 2.7% in 2024, cautioning that any new adverse developments - such as higher than expected inflation, escalating geopolitical tensions, or abrupt rises in interest rates, could push the global economy into recession.
Emerging economies could bear the brunt of a slowdown, with per-capita income growth projected to average 2.8% in the next two years - a full percentage point lower than the 2010-2019 average. Sub-Saharan Africa is expected to see per-capita income growth of 1.2% over the same period.
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