Sub-Saharan Africa has Nigeria to thank for better economic growth prospects next year.
The region’s economy will probably expand 3.8 percent in 2019, the International Monetary Fund said in its World Economic Outlook update released Monday. That compares with a 3.7 percent prediction in April.
In its latest World Economic Outlook Update released on Monday (yesterday), the IMF said the upwardly revised growth is supported by the rise in commodity prices.
igeria is expected to be the standout performer amid recovery in oil prices. Nigeria’s 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.
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Nigeria and South Africa are the continent’s two biggest economies and positive economic growth in the two will see recovery in sub-Saharan Africa continue, according to the report.
“The 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.”
The upgraded forecast reflects improved prospects for Nigeria’s economy. Its growth is set to increase from 0.8% in 2017 to 2.1% in 2018,” the IMF said.