After two years of falling growth, economic growth in sub-Saharan Africa will improve by an estimated four percent in 2024, the International Monetary Fund predicts.
But this aggregate figure conceals differing realities for different nations: growth is expected to be slower in countries that export oil and raw materials such as minerals than in those with more diversified economies. People’s incomes also are expected to rise faster in diversified economies.
The IMF is also recommending that sub-Saharan African nations take specific steps to offset China’s recent slowdown of growth.
From the outside, Danny Bradlow of the University of Pretoria writes in Conversation Africa that while the world needs effective international financial institutions such as the IMF and the World Bank. He argues that these institutions need to be reformed to make “them “more credible, legitimate, inclusive, responsible and effective.”