EXECUTIVE SUMMARY
Global Economic Update: Global Growth slowed in 2019 but 2020 forecast appear optimistic
In 2019, global GDP grew by 3% with growth led by China and other emerging and developing countries.
Although growth projection for 2019 is an improvement over 2018, several factors limited overall GDP expansion in the year:
- Slowdown in industrial output,
- Growing tension between the US and China on Trade
and Technology, and - Slowdown in demand in China were significant in affecting overall output.
- For 2020, global GDP growth is expected to average of 3.4%.
Sub-Saharan Africa Review: SSA’s Growth driven by non-resource intensive countries
- Africa has maintained steady growth in output in the last 3 years with growth averaging 2.7%.
- The non-resource intensive countries have recorded much higher growth during this period led by Ethiopia, Rwanda and Senegal.
- The oil-exporting countries have experienced a weak growth trajectory, largely as a result of exposure to external fluctuations of commodity prices.
- Many of the oil-exporting countries Nigeria, Angola, slipped into a recession in 2016 and are still on the recovery path.
- Growth is expected to increase further to 3.6% in 2020 driven by non-resource intensive countries.
Download the full Macroeconomic Review For 2019 & Outlook For 2020 Report