The International Monetary Fund (IMF) has forecast that economic growth in sub-Saharan Africa will fall to its lowest level in more than 20 years. Projected growth for the region is set to decline year-on-year to 1.4% in 2016, down from 3.5% last year, and below the peaks of over 5% the region experienced between 2010 and 2014.
The IMF blamed weak commodity prices and a tightening of the global financial markets for the poor economic outlook affecting most of the 45 countries that make up sub-Saharan Africa. Oil-exporting countries, such as Nigeria and Angola, have seen a sharp fall in revenues due to the global slump in oil prices, and the governments of commodity-dependent countries have been slow to implement policies that could help boost private investment, Abebe Selassie, director of the African department at the IMF said.
Terrorism and humanitarian crises in countries including Nigeria, Cameroon and Chad have also contributed to the malaise; while the drought in Southern Africa has affected Lesotho, Malawi, Zambia and Zimbabwe.
However, Selassie said that 19 countries "continue to...