Countries in Sub-Saharan Africa are expected to experience a 1.1% decrease in economic growth this year, the World Bank said on Wednesday.
"Economic growth in Sub-Saharan Africa is forecast to decelerate to 2.5% in 2023, from 3.6% in 2022," the World Bank said in a statement.
The regional outlook remains bleak amid an allusive growth recovery, the statement said.
According to World Bank, the weak growth thus far and the raising instability in the largest economies in the region as well as the lingering uncertainty in the global economy are dragging down growth prospects.
The institution emphasized that other African countries, particularly South Africa, Nigeria, Angola and Sudan, will also face significant economic problems due to global instability and violence.
"The region’s poorest and most vulnerable people continue to bear the economic brunt of this slowdown, as weak growth translates into slow poverty reduction and poor job growth," World Bank Chief Economist for Africa Andrew Dabalen said.
However, the World Bank said it expects African economies to see some improvement despite the general lukewarm outlook.
"Inflation is expected to decline from 9.3% in 2022 to 7.3% in 2023 and fiscal balances are improving in African countries that are pursuing prudent and coordinated macroeconomic policies," the statement said.
In addition, on September 4, Okonjo-Iweala revealed that an African economy with a total population of about 1.4 billion people could rival China or India.