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By Monica MUEMA
Growth in SSA will accelerate to 3.7% in 2024, from an estimated 2.8% in 2023. We expect large markets to support overall growth in 2024, in contrast to 2023, when Nigeria and South Africa both dragged on regional expansion, new report shows.
The report by Fitch firm IBM further shows that East Africa will be locus of economic growth, with markets like Ethiopia, Rwanda and the DRC experiencing growth above 6.0% y-oy. Growth will be driven by private consumption , as falling inflation boosts purchasing power, and higher fixed investment growth.
“We expect that inflation will trend downwards in 2024, mostly on account of strong base effects and easing fuel prices. Whilst price growth will remain above the long-term trend, we expect sustained disinflation to incentivise major SSA markets to shift toward monetary easing,” reads in part the report.