WORLD BANK / AFRICA PULSE 2019

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08-Apr-2019 00:04:02
Growth in Sub-Saharan Africa has been downgraded to 2.3 percent for 2018, down from 2.5 percent in 2017, according to the April 2019 issue of Africa’s Pulse, the World Bank’s bi-annual analysis of the state of African economies released today. WORLD BANK

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STORY: AFRICA’S PULSE 2019
TRT: 4:02
SOURCE: THE WORLD BANK /FILE
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LANGUAGE: ENGLISH /NATS

DATELINE: FILE

SHOTLIST:

AUGUST 2018, CONAKRY, GUINEA

1. Aerial shot, Conakry

SEPTEMBER 2018, FREETOWN, SIERRA LEONE

2. Aerial shot, Freetown

JUNE 2017, ACCRA GHANA

3. Wide shot, Accra traffic

RECENT

4. SOUNDBITE (English) Albert Zeufack, Chief Economist for Africa, World Bank:
“The 19th edition of the Africa’s Pulse tells us that growth has remained sluggish in Sub-Saharan Africa in 2018. We now estimate that the GDP only grew by 2.3% in 2018 and this is 0.4-percentage point lower than we had predicted in October. This is also down from 2.5% in 2017.”

AUGUST 2017, TEMA PORT, ACCRA GHANA

5. Aerial shot, port with containers, cranes and city in background
6. Aerial shot, shipping containers

RECENT

7. SOUNDBITE (English) Albert Zeufack, Chief Economist for Africa, World Bank:
“This slower than expected growth, comes from both domestic and global factors. Globally, a volatile economic and financial environment, which is also characterized by rising trade tensions, but also recovering but uncertain commodity prices are having a negative impact on African economies.”

JUNE 2017, ACCRA GHANA

8. Wide shot, people walking over pedestrian bridge

RECENT

9. SOUNDBITE (English) Albert Zeufack, Chief Economist for Africa, World Bank: “Domestically, macroeconomic uncertainties including poorly managed debt, fiscal deficits that are rising and inflation that is still crippling a number of countries, are taking a toll on African economies. And more importantly, fragility is holding back African countries’ growth.”

JUNE 2017, ACCRA, GHANA

10. Wide shot, street vendor in traffic
11. Wide shot, people boarding a mini bus

RECENT

12. SOUNDBITE (English) Albert Zeufack, Chief Economist for Africa, World Bank: “Although we expect growth to recover to 2.8% in 2019, this is barely above population growth. Sustaining inclusive growth remains the biggest challenge we have in Sub-Saharan Africa.”

SEPTEMBER 2017, LOME, TOGO

13. Wide shot, dirt road with motorcycles
14. Wide shot, woman crossing the street into shop
15. Wide shot, shop front with dirt road in background

RECENT

16. SOUNDBITE: Albert Zeufack, Chief Economist for Africa, World Bank
“Fragility in a handful of African countries is costing us dearly. In terms of growth, over half a percentage point is lost to fragility every year. That is close to 2.6 percentage points over 5 years. This is really significant.”

NOVEMBER 2015, JUBA, SOUTH SUDAN

17. Wide shot, woman and children in a hut
18. Wide shot, People walking in crowded market

RECENT

SOUNDBITE: Albert Zeufack, Chief Economist for Africa, World Bank
“The digital revolution can unlock new pathways for inclusive growth and job creation in Africa. In fact, our most recent Africa’s Pulse finds that the benefits of the digital economy are significant for Sub Saharan Africa. It can add nearly 2 percentage points of GDP per year or reduce poverty nearly by 1 percentage point per year. That is huge.”

FEBRUARY 2015, SAINT LOUIS, SENEGAL

19. Various shots, people work on computers

STORYLINE:

Growth in Sub-Saharan Africa has been downgraded to 2.3 percent for 2018, down from 2.5 percent in 2017, according to the April 2019 issue of Africa’s Pulse, the World Bank’s bi-annual analysis of the state of African economies released Monday (8 Apr).

Economic growth remains below population growth for the fourth consecutive year, and although regional growth is expected to rebound to 2.8 percent in 2019, it will have remained below three percent since 2015. This issue of Africa’s Pulse also looks at how fragility is holding back sub-Saharan Africa, and how the digital economy can help the continent move forward.

“This slower than expected growth, comes from both domestic and global factors. Globally, a volatile economic and financial environment, which is also characterized by rising trade tensions, but also recovering but uncertain commodity prices are having a negative impact on African economies” said Albert Zeufack, World Bank Chief Economist for Africa.

The slower-than-expected overall growth reflects ongoing global uncertainty, but increasingly comes from domestic macroeconomic instability including poorly managed debt, inflation, and deficits; political and regulatory uncertainty; and fragility that are having visible negative impacts on some African economies. It also belies stronger performance in several smaller economies that continue to grow steadily.

Zeufack said “domestically, macroeconomic uncertainties including poorly managed debt, fiscal deficits that are rising and inflation that is still crippling a number of countries, are taking a toll on African economies. And more importantly, fragility is holding back African countries’ growth.”

In Nigeria, growth reached 1.9 percent in 2018, up from 0.8 percent in 2017, reflecting a modest pick-up in the non-oil economy. South Africa came out of recession in the third quarter of 2018, but growth was subdued at 0.8 percent over the year, as policy uncertainty held back investment. Angola, the region’s third largest economy, remained in recession, with growth falling sharply as oil production stayed weak.

Growth picked up in some resource-intensive-countries like the Democratic Republic of Congo and Niger, as stronger mining production and commodity prices boosted activity alongside a rebound in agricultural production and public investment in infrastructure. In others, like Liberia and Zambia, growth was subdued, as high inflation and elevated debt levels continued to weigh on investor sentiment. In the Central African Economic and Monetary Community, a fragile recovery continued as reform efforts to reduce fiscal and external imbalances slowed in some countries. Non-resource-intensive economies such as Kenya, Rwanda, Uganda, and several in the West African Economic and Monetary Union, including Benin and Côte d’Ivoire recorded solid economic growth in 2018.

Africa’s Pulse also found that fragility in a handful of countries is costing sub-Saharan Africa over half a percentage point of growth per year. This adds up to 2.6 percentage points over 5 years.

“The digital revolution can unlock new pathways for inclusive growth and job creation in Africa. In fact, our most recent Africa’s Pulse finds that the benefits of the digital economy are significant for Sub Saharan Africa. It can add nearly 2 percentage points of GDP per year or reduce poverty nearly by 1 percentage point per year. That is huge,” concluded Zeufack.
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WORLD BANK
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