World Bank cuts Africa growth forecast

World Bank cuts Africa growth forecast

The World Bank has downgraded its economic growth forecast for sub-Saharan Africa. Bloomberg reports that Sub-Saharan Africa will likely grow 3% this year, somewhat lower than an April forecast of 3.4%, the Washington-based lender said in its Africa Pulse report published Monday. The slower growth rate was largely blamed on the conflict in Sudan which started 18 months ago and has continued to escalate.

October 15, 2024 14

Africa

West Africa is changing: five essential reads on breakaways from Ecowas

By Adejuwon Soyinka, The Conversation The Economic Community of West African States (Ecowas) has been in the news lately – mostly for the wrong reasons. The bloc is facing its biggest crisis since it was formed in 1975. Three of its 15 countries – Niger, Burkina Faso and Mali – have broken away and formed an alternative grouping, the Alliance of Sahel States. While […]

July 10, 2024 14

Africa

Somalia plugs 5G into its economic rebound

By Seth Onyango, bird story agency Somalia has received its first 5G installation, cranking up a series of reforms to revamp its economy after joining the East Africa Community (EAC). Hormuud Telecom Somalia Inc., its largest telco, rolled out faster internet speeds last month, signalling budding growth in the country's digital services industry. "As Somalia strides towards stability, the launch of 5G services by Hormuud Telecom emerges as […]

April 2, 2024 10