The World Financial institution has revised Ghana’s Gross Home Product (GDP) development fee projection for 2024 to 4.0% from the preliminary 4.8% reported by the October 2024 Africa Pulse Report.
That is nevertheless similar because the Worldwide Financial Fund (IMF) forecast of 4.0%.
In response to its January 2025 International Financial Prospects, the nation’s economic system is predicted to develop by 4.2% and 4.8% in 2025 and 2026 respectively.
That is nevertheless decrease than the pre Covid-19 pandemic common of 5%.
The World Financial institution stated the dangers to the outlook are tilted to the draw back.
Additional draw back dangers embrace a sharper-than-expected financial slowdown in China; escalating international geopolitical tensions, particularly an intensification of the battle within the Center East; and worsening political instability and an escalation of violent conflicts within the area, particularly in East Africa and the Sahel.
Moreover, it stated extra persistent inflation than anticipated may hold international rates of interest elevated, compounding the challenges confronting extremely indebted nations, whereas better frequency and depth of adversarial climate occasions may exacerbate poverty in lots of nations throughout SSA.
In the meantime, the World Financial institution stated development in Sub-Saharan Africa picked up from 2.9% in 2023 to an estimated 3.2% in 2024.
This was 0.3 share factors decrease than projected in June 2024, reflecting the continued violent battle in Sudan in addition to numerous country-specific challenges that weighed on the area’s financial restoration final yr.
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