WORLD BANK / AFRICA’S PULSE

18-Apr-2018 00:02:05
Sub-Saharan Africa’s growth is projected to reach 3.1 percent in 2018, and to average 3.6 percent in 2019–20, says Africa’s Pulse, a bi-annual analysis of the state of African economies conducted by the World Bank, released today. WORLD BANK
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STORY: WORLD BANK / AFRICA’S PULSE
TRT: 2:05
SOURCE: WORLD BANK
RESTRICTIONS: NONE
LANGUAGE: ENGLISH /NATS

DATELINE: 16 APRIL 2018 WASHINGTON, D.C. USA / FILE
SHOTLIST
FILE - 21 JANUARY 2018, YAOUNDÉ, CAMEROON

1. Wide shot, Cityscape
2. Close up, poster showing energy of Cameroon

16 APRIL 2018, WASHINGTON, D.C. USA

3. SOUNDBITE (English) Albert Zeufack, Chief Economist, World Bank Africa:
“Economic growth has rebounded in Sub-Saharan Africa, but not fast enough. We are projecting that growth will peak at 3.1% in 2018 and 3.6% in 2019. African governments need to speed up macroeconomic and structural reforms, to bring back growth to pre-crisis levels. In implementing structural reforms, it is fundamental to fully embrace innovation to boost productivity across sectors, and more specifically, to increase access to energy and boost agricultural productivity.”

25 JANUARY 2018, YAOUNDÉ, CAMEROON

4. Wide shot, welder with gate working on the ground
5. Close up, welder working on a gate

25 JANUARY 2018, LOM PANGAR DAM, CAMEROON

6. Wide shot, aerial shot of the Dam
7. Tracking shot, Dam operator walks on top of Dam wall overs operations

16 APRIL 2018, WASHINGTON, D.C. USA

8. SOUNDBITE (English) Albert Zeufack, Chief Economist, World Bank Africa:
“The pace of growth is varying across the region. We are seeing several countries continuing to grow at a robust pace. This includes countries such as Cote D’Ivoire and Senegal in the Vamou Region. And in East Africa, countries such as Kenya, Uganda and Rwanda are seeing an uptick in growth this year. We also expect Ethiopia to be one of the fastest growing countries in the world.”

1 SEPTEMBER 2013, WASHINGTON D.C. USA

9. Wide shot, World Bank headquarters
10. Wide shot, World Bank headquarters interior

4 JUNE 2012, DAR ES SALAAM, TANZANIA

11. Pan right, cityscape

15 OCTOBER 2014, JOHANNESBURG, SOUTH AFRICA

12. Various shots, man at an ATM
13. Wide shot, Johannesburg Stock Exchange

8 SEPTEMBER 2016, Addis Ababa, Ethiopia

14. Various shots, Light Rail Station
STORYLINE
Sub-Saharan Africa’s growth is projected to reach 3.1 percent in 2018, and to average 3.6 percent in 2019–20, says Africa’s Pulse, a bi-annual analysis of the state of African economies conducted by the World Bank, released today.

The growth forecasts are premised on expectations that oil and metals prices will remain stable, and that governments in the region will implement reforms to address macroeconomic imbalances and boost investment.

“Growth has rebounded in Sub-Saharan Africa, but not fast enough. We are still far from pre-crisis growth levels,” said Albert G. Zeufack, World Bank Chief Economist for the Africa Region. “African Governments must speed up and deepen macroeconomic and structural reforms to achieve high and sustained levels of growth.”

The moderate pace of economic expansion reflects the gradual pick-up in growth in the region’s three largest economies, Nigeria, Angola and South Africa. Elsewhere, economic activity will pick up in some metals exporters, as mining production and investment rise. Among non-resource intensive countries, solid growth, supported by infrastructure investment, will continue in the West African Economic and Monetary Union (WAEMU), led by Côte d’Ivoire and Senegal. Growth prospects have strengthened in most of East Africa, owing to improving agriculture sector growth following droughts and a rebound in private sector credit growth; in Ethiopia, growth will remain high, as government-led infrastructure investment continues.

“For many African countries, the economic recovery is vulnerable to fluctuations in commodity prices and production,” said Punam Chuhan-Pole, World Bank Lead Economist and the author of the report. “This underscores the need for countries to build resilience by pushing diversification strategies to the top of the policy agenda.”

Public debt relative to GDP is rising in the region, and the composition of debt has changed, as countries have shifted away from traditional concessional sources of financing toward more market-based ones. Higher debt burdens and the increasing exposure to market risks raise concerns about debt sustainability: 18 countries were classified at high-risk of debt distress in March 2018, compared with eight in 2013.

“By fully embracing technology and leveraging innovation, Africa can boost productivity across and within sectors, and accelerate growth,” said Zeufack.

This issue of Africa’s Pulse has a special focus on the role of innovation in accelerating electrification in Sub-Saharan Africa, and its implications of achieving inclusive economic growth and poverty reduction. The report finds that achieving universal electrification in Sub-Saharan Africa will require a combination of solutions involving the national grid, as well as “mini-grids” and “micro-grids” serving small concentrations of electricity users, and off-grid home-scale systems. Improving regulation of the electricity sector and better management of utilities remain key to success.
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