{"id":34691,"date":"2023-10-11T15:39:25","date_gmt":"2023-10-11T15:39:25","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-sees-rebound-on-horizon-for-africas-floundering-economies"},"modified":"2023-10-11T16:28:40","modified_gmt":"2023-10-11T16:28:40","slug":"imf-sees-rebound-on-horizon-for-africas-floundering-economies","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-sees-rebound-on-horizon-for-africas-floundering-economies","title":{"rendered":"IMF Sees Rebound on Horizon for Africa\u2019s Floundering Economies"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span>Africa\u2019s economic activity will likely slow again this year amid taxing headwinds but is expected to recover in 2024, according to the International Monetary Fund\u2019s latest regional outlook.<\/p>\n

Growth in sub-Saharan Africa\u2019s gross domestic product is forecast to edge down to 3.3% from 4% in 2022 before bouncing back to 4% next year, the IMF said in the report, released Tuesday in Marrakech.<\/p>\n

\u201cA long-awaited rebound is on the horizon. Inflation is falling, public finances are stabilizing, and growth is poised to increase,\u201d the IMF said.<\/p>\n

\u201cStill, even though the outlook is less ominous, it is too early to celebrate.
\nThe region was slammed by the pandemic and surging food prices after Russia\u2019s invasion of Ukraine, with soaring inflation leading to aggressive interest-rate increases around the world. That\u2019s led to a vicious funding squeeze in Africa amid rising debt-service costs and weakening currencies. Even so, the IMF voiced cautious optimism.<\/p>\n

<\/a>\u201cModel estimates suggest the region\u2019s economic recovery may already have started,\u201d the IMF wrote in an analysis that carried the hopeful title, \u201cLight on the Horizon?\u201d<\/p>\n

South Africa South Africa, which accounts for 19.5% of the regional economy and is being hobbled by rolling power shortages and infrastructure bottlenecks, is seen playing a key role in the upswing.<\/p>\n

Growth in its economy, which is forecast to slow to 0.9% this year from 1.9% in 2022, is predicted to accelerate to 1.8% in 2024, the IMF said, based partly on continued improvements in the supply of the country\u2019s electricity.<\/p>\n

Nigeria, the region\u2019s other economic powerhouse which has undergone painful reforms since President Bola Tinubu took office in May, is poised to expand 2.6% this year and 3.1% next.<\/p>\n

The IMF sees those gains extending to four-fifths of sub-Saharan Africa, though it warned that a two-speed recovery would persist, with nations who depend heavily on exporting raw materials lagging better-diversified economies.<\/p>\n

Factors aiding the upturn include the end of the pandemic, more resilient-than-expected consumption and a gradual decline in the rate of inflation around the world.<\/p>\n

Funding Squeeze Still, a recovery isn\u2019t guaranteed, with heavy debt burdens and elevated borrowing costs stressing public finances. More than half of the region\u2019s low-income countries are either at high risk of debt distress or are already experiencing it.<\/p>\n

Even those not in that category have seen the average yields on their outstanding eurobonds rise to above 12% from 7% before the pandemic. That makes it potentially hard for countries to roll over maturing debt, with the IMF noting that upcoming eurobond repayments of around $6 billion in both 2024 and 2025 are of \u201cparticular concern.\u201d<\/p>\n

For More News And Analysis About Lesotho<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Lesotho. Africa\u2019s economic activity will likely slow again this year amid taxing headwinds but is expected to recover in 2024, according to the International Monetary Fund\u2019s latest regional outlook. Growth in sub-Saharan Africa\u2019s gross domestic product is forecast to edge down to 3.3% from 4% in 2022 before bouncing back to 4% next […]<\/p>\n","protected":false},"author":84,"featured_media":34689,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[242,233,246,245],"class_list":["post-34691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa","tag-africa-press","tag-africa-press-lesotho","tag-lesotho"],"yoast_head":"\nIMF Sees Rebound on Horizon for Africa\u2019s Floundering Economies - Lesotho<\/title>\n<meta name=\"description\" content=\"Africa\u2019s economic activity will likely slow again this year amid taxing headwinds but is expected to recover in 2024, ac ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-sees-rebound-on-horizon-for-africas-floundering-economies\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF Sees Rebound on Horizon for Africa\u2019s Floundering Economies\" \/>\n<meta property=\"og:description\" content=\"Africa\u2019s economic activity will likely slow again this year amid taxing headwinds but is expected to recover in 2024, ac ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-sees-rebound-on-horizon-for-africas-floundering-economies\" \/>\n<meta property=\"og:site_name\" content=\"Lesotho\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-11T15:39:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-11T16:28:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2023\/10\/sm_1697028948.158084.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"620\" \/>\n\t<meta property=\"og:image:height\" content=\"349\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-sees-rebound-on-horizon-for-africas-floundering-economies#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-sees-rebound-on-horizon-for-africas-floundering-economies\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IMF Sees Rebound on Horizon for Africa\u2019s Floundering Economies\",\"datePublished\":\"2023-10-11T15:39:25+00:00\",\"dateModified\":\"2023-10-11T16:28:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-sees-rebound-on-horizon-for-africas-floundering-economies\"},\"wordCount\":444,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-sees-rebound-on-horizon-for-africas-floundering-economies#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2023\/10\/sm_1697028948.158084.jpg\",\"keywords\":[\"Africa\",\"Africa Press\",\"Africa Press-Lesotho\",\"Lesotho\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-sees-rebound-on-horizon-for-africas-floundering-economies#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-sees-rebound-on-horizon-for-africas-floundering-economies\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/imf-sees-rebound-on-horizon-for-africas-floundering-economies\",\"name\":\"IMF Sees Rebound on Horizon for Africa\u2019s Floundering Economies - 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