{"id":2013,"date":"2018-09-28T01:02:11","date_gmt":"2018-09-28T01:02:11","guid":{"rendered":"http:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/?p=2013"},"modified":"2018-09-28T01:02:11","modified_gmt":"2018-09-28T01:02:11","slug":"imf-nigeria-south-africa-set-to-boost-sub-saharan-africas-economy","status":"publish","type":"post","link":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/2018\/09\/28\/imf-nigeria-south-africa-set-to-boost-sub-saharan-africas-economy\/","title":{"rendered":"IMF: Nigeria, South Africa set to boost sub-Saharan Africa\u2019s economy"},"content":{"rendered":"<p>The International Monetary Fund (IMF) has revised the growth rate of sub-Saharan Africa\u2019s economy to 3.8% for 2019, up from April\u2019s growth projection of 3.7%.<\/p>\n<p>In its latest World Economic Outlook Update released on Monday, the IMF said the upwardly revised growth is supported by the rise in commodity prices.<\/p>\n<p><!--more--><\/p>\n<p>The IMF expects the South African economy to recover over the remainder of 2018 and into 2019.<\/p>\n<p>Weaker-than-anticipated macroeconomic data for South Africa contributed to the 7% depreciation of the rand, unwinding part of the sharp appreciation that had occurred in late 2017 and early 2018.<\/p>\n<div id=\"fourth-par-video\"><\/div>\n<p>\u201cDespite the weaker-than-expected first quarter outturn in South Africa (in part due to temporary factors), the economy is expected to recover somewhat over the remainder of 2018 and into 2019 as confidence improvements associated with the new leadership are gradually reflected in strengthening private investment,\u201d the IMF said.<\/p>\n<ul>\n<li><strong>READ:<\/strong>\u00a0<a href=\"https:\/\/www.fin24.com\/Economy\/sa-needs-bold-reforms-to-boost-growth-imf-20180612\" target=\"_blank\" rel=\"noopener\">SA needs &#8216;bold reforms&#8217; to boost growth &#8211; IMF<\/a><\/li>\n<\/ul>\n<p>Nigeria is expected to be the standout performer amid recovery in oil prices. Nigeria\u2019s growth is set to increase from 0.8% in 2017 to 2.1% in 2018 and 2.3% in 2019 on the back of an improved outlook for oil prices.<\/p>\n<p>Nigeria and South Africa are the continent\u2019s two biggest economies and positive economic growth in the two will see recovery in sub-Saharan Africa continue, according to the report.<\/p>\n<p>\u201cThe recovery in sub-Saharan Africa is set to continue, supported by the rise in commodity prices. For the region, growth is expected to increase from 2.8% in 2017 to 3.4% this year, rising further to 3.8% in 2019.\u201d<\/p>\n<ul>\n<li><strong>READ:\u00a0<\/strong><a href=\"https:\/\/www.fin24.com\/Economy\/imf-sees-strong-gdp-growth-for-sub-saharan-africa-but-warns-on-debt-20180509\" target=\"_blank\" rel=\"noopener\">IMF sees strong GDP growth for sub-Saharan Africa but warns on debt<\/a><\/li>\n<\/ul>\n<p>\u201cThe upgraded forecast reflects improved prospects for Nigeria\u2019s economy. Its growth is set to increase from 0.8% in 2017 to 2.1% in 2018,\u201d the IMF said.<\/p>\n<p>Meanwhile global growth is projected to reach 3.9% in 2018 and 2019, in line with the forecast of the April 2018 outlook. Expansion is becoming less even, and risks to the outlook are mounting, according to the report<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The International Monetary Fund (IMF) has revised the growth rate of sub-Saharan Africa\u2019s economy to 3.8% for 2019, up from April\u2019s growth projection of 3.7%. In its latest World Economic Outlook Update released on Monday, the IMF said the upwardly revised growth is supported by the rise in commodity prices.<\/p>\n","protected":false},"author":125,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2013","post","type-post","status-publish","format-standard","hentry","category-article"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/posts\/2013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/users\/125"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/comments?post=2013"}],"version-history":[{"count":1,"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/posts\/2013\/revisions"}],"predecessor-version":[{"id":2014,"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/posts\/2013\/revisions\/2014"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/media?parent=2013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/categories?post=2013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/tags?post=2013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}