Rédaction Africa Links 24 with Expresso das Ilhas
Published on 2024-04-18 10:30:59
Cape Verde is expected to grow by 4.7 percent (%) this year, with the same growth projected for 2025, according to the International Monetary Fund (IMF) in its report on the World Economic Outlook.
Among the African Portuguese-Speaking Countries (PALOP), Guinea-Bissau and Mozambique are the African Lusophone economies with the fastest growth this year, both expanding by 5%.
According to the report presented this week at the Annual Meetings of the IMF and World Bank in Washington, Guinea-Bissau and Mozambique will experience a growth of 5%, higher than Cape Verde’s 4.7% and São Tomé and Príncipe’s 2.9%.
Angola is expected to expand by 2.6% this year, after registering a growth of 0.5% last year, accelerating to 3.1% in 2025, while Equatorial Guinea will experience a slight growth of 0.5% this year, after contracting by 5.9% last year, and returning to negative growth in 2025 with a projected recession of 4.6%.
São Tomé and Príncipe, after a 0.3% GDP decline last year, is expected to accelerate to a growth of 2.9% this year and 4.1% in 2025, according to IMF forecasts. The IMF only presents a table with macroeconomic data in this report, leaving the detailed analysis for the report specifically on Africa, which will be released on Friday.
“In Sub-Saharan Africa, growth is expected to increase from the projected 3.4% in 2023 to 3.8% in 2024 and 4% in 2025, with the negative effects of climate shocks persisting and supply chain issues gradually improving,” reads the World Economic Outlook.
The forecast, the IMF adds, is almost identical to the report on Africa released in October and the update in January, “as the downward revision of Angola’s growth due to the contraction of the oil sector is generally offset by the upward revision in Nigeria.”
On a global level, the IMF has increased its global growth forecast by one-tenth to 3.2% for this year, a rate it also expects for the following year.
The institution led by Kristalina Georgieva predicts that global growth, estimated at 3.2% in 2023, will continue at the same pace in 2024 and 2025.
The forecast for 2024 has been revised upward by 0.1 percentage points (pp.) from the January report and by 0.3 (pp.) compared to October of last year.
Read the original article(Portuguese) on Expresso das Ilhas
