Global  

Celebrating 10 Years of Trusted News Discovery
One News Page
> > >

Sub-Saharan Africa's growth rate slashed

Video Credit: Reuters Studio - Duration: 02:01s - Published < > Embed
Sub-Saharan Africa's growth rate slashed

Sub-Saharan Africa's growth rate slashed

The World Bank has cut the economic growth rate of Sub-Saharan Africa to 2.8 percent this year, as the region again fails to meet expected targets.

Sam Holder reports.

0
shares
ShareTweetSavePostSend
 

Sub-Saharan Africa's growth rate slashed

Despite billions of dollars of international investment in Rwanda And a major port upgrade in Ghana... The economy in Sub-Saharan Africa is failing to pick up the pace.

It was supposed to grow by 3.3 percent this year.

But that's been cut to 2.8 by the World Bank.

(SOUNDBITE) (English) ALBERT ZEUFACK, CHIEF ECONOMIST FOR AFRICA, WORLD BANK SAYING: "This slower than expected growth comes from both domestic and global factors.

Globally, a volatile economic and financial environment, which is also characterized by rising trade tensions, but also recovering, but uncertain commodity prices are having a negative impact ." Part of the problem is that three countries - Nigeria, South Africa and Angola - make up 60 percent of the region's economy.

And they're all struggling.

South Africa has finally come out of recession - but investors are still scared.

Nigeria and Angola both depend on oil - which remains weak.

A drop in industrial production, tensions between the US and China and high inflation in countries like Zimbabwe adds to the gloomy picture.

Rwanda, Uganda, Kenya are all doing well - because they don't depend on commodities.

After a decade of rapid growth ended in 2015 - Sub-Saharan Africa needs to focus on technology - like improving internet access.

(SOUNDBITE) (English) ALBERT ZEUFACK, CHIEF ECONOMIST FOR AFRICA, WORLD BANK SAYING: "The digital revolution can unlock new pathways for inclusive growth and job creation in Africa." It's not all doom and gloom.

Growth is higher than last year - which was 2.3 percent.

And the World Bank says by harnessing technology - like this Artificial Intelligence lab in Ethiopia - the region could boost annual growth to nearly 5 percent.




You Might Like


Recent related videos from verified sources

Jeremy Hunt warns of increased UK military involvement in Africa [Video]Jeremy Hunt warns of increased UK military involvement in Africa

Jeremy Hunt has warned of the growing threat posed by terrorist organisations in sub-Saharan Africa as he suggested the UK's military involvement in the region could be increased.

Credit: PA - Press Association STUDIO     Duration: 00:54Published

Soil damage could be contributing  to climate change [Video]Soil damage could be contributing to climate change

UNITED KINGDOM — Damage to the soil has been found to be a major contributor to climate change, according to a yet-to-be released report from the United Nations. There is three times more carbon..

Credit: TomoNews US     Duration: 01:17Published

Mother of 38 children in Uganda highlights Africa's fertility rate [Video]Mother of 38 children in Uganda highlights Africa's fertility rate

Mariam Nabatanzi&apos;s family shows how the rising population of Africa is expected to account for more than half of the world’s growth by 2050.

Credit: Rumble     Duration: 00:59Published

Mother of 38 children in Uganda highlights Africa's fertility rate [Video]Mother of 38 children in Uganda highlights Africa's fertility rate

Mariam Nabatanzi's family shows how the rising population of Africa is expected to account for more than half of the world’s growth by 2050.

Credit: Reuters Studio     Duration: 00:59Published

Niger refugees: Hundreds hope for a new life in Europe [Video]Niger refugees: Hundreds hope for a new life in Europe

Niger refugees: Hundreds hope for a new life in Europe

Credit: Al Jazeera STUDIO     Duration: 02:26Published

Migrants flee to Niger as fighting worsens in Libya [Video]Migrants flee to Niger as fighting worsens in Libya

Officials and aid workers in Niger are bracing for a possible influx of refugees fleeing the fighting in Libya.

Credit: Al Jazeera STUDIO     Duration: 02:38Published

Sub-Saharan Africa's growth rate slashed [Video]Sub-Saharan Africa's growth rate slashed

The World Bank has cut the economic growth rate of Sub-Saharan Africa to 2.8 percent this year, as the region again fails to meet expected targets. Sam Holder reports.

Credit: Rumble     Duration: 02:01Published

Endangered wild dogs wolf down biscuits at preserve in South Africa [Video]Endangered wild dogs wolf down biscuits at preserve in South Africa

A pack of endangered African Wild Dogs were filmed gorging on some biscuits at a reserve in South Africa in a veritable feeding frenzy. This pack of five is kept on the privately-owned De Wildt..

Credit: Newsflare     Duration: 03:28Published

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.