Digital Banking and Financial Performance Review
Macro-economic Review and Outlook
Global
Sub-Saharan
Africa
West Africa
East Africa
Global
Inflation has moderated
slightly since mid-2022 attributed in
part to the drop in prices of fuel and
energy commodities, especially in
the United States, Euro area and
Latin America.
We anticipate a further decline in
growth across many countries, with
mixed outcome across advanced
and developing economies.
Sub-Saharan Africa experienced
slow economic growth, falling
from 4.1% in 2021 to 3.6% in 2022.
Projections indicate that the
region's economic activity is
would further decline in 2023 due
to the persistent sluggishness of
the global economy and elevated
inflation rates compounded by
high levels of fiscal debt.
The pace of economic expansion
in West Africa decelerated to 3.6
percent in 2022 compared to 4.4
percent in 2021.
The largest economy in the region,
Nigeria, experienced a reduction
in growth to 3.0 percent in 2022,
down from 3.6 percent in 2021.
Ghana experienced a growth
decline due to macroeconomic
imbalances such as high inflation,
currency depreciation, and a
public debt estimated at 91% of
GDP.
is
Growth in East Africa
anticipated to reach 5.0 percent
in 2023 and further accelerate to
5.4 percent in 2024. Although
countries in the region are
largely dependent on the import
of commodities, which exposes
them to the impact of high
international prices and
recurrent climate shocks, such
as drought, affecting the region.
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