Sub-Saharan African countries will be one of the fastest growing economies in the world

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The International Monetary Fund (IMF) recently predicted that the economies of sub-Saharan African countries will become one of the fastest growing economies in the world this year. The region is expected to have an overall economic growth rate of 3.8%.

That growth is driven by the steady rebound of commodity prices, an improvement in the global economy and improved capital market access.

Nigeria is expected to see an expansion of 2.3 per cent—better, but not much, than the 1.9 per cent of 2018. South Africa will expand by 1.4 per cent.

"If you leave out the big two and Angola, aggregate growth for sub-Saharan Africa rises to 5.7 per cent for 2019."

"About half of the world's fastest-growing economies will be located on the continent, with 20 economies expanding at an average rate of five per cent or higher over the next five years, faster than the 3.6 per cent rate for the global economy," Director of Brookings' Africa Growth Initiative, Brahima Coulibaly, said.

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