Sub-Saharan Africa’s economy is set to grow by 3.3% this year, down from 4.1% in 2021, the World Bank said yesterday, due to slowing global growth, drought, increased risk of debt distress and rising inflation made worse by the war in Ukraine.
The 2022 forecast was cut from a prediction of 3.6% made in its last biannual update in April, as the bank slashed projections for Nigeria and South Africa, plus Ghana, which is battling an economic crisis.
Chinese lockdowns disrupting supply chains and depressing demand for African commodities, the war in Ukraine and wealthy countries hiking interest rates were all to blame for the forecast downgrade, the bank said.
“Elevated food prices are causing hardships with severe consequences in one of the world’s most food-insecure regions,” the World Bank…