Global growth is projected to fall to 2.9% in 2023 from an estimated 3.4% in 2022 before rising to 3.1% in 2024, as the world grapples with high inflation, monetary policy hikes, and the Russian-Ukraine war.

Despite these significant headwinds, Sub-Sahara Africa’s (SSA) growth is projected to stabilize at 3.8% in 2023 then increase to 4.1% in 2024 as inflation eases with improved market conditions. However, concerns around debt servicing, election cycles, geopolitics and war, and adverse weather conditions is expected to impact SSA’s growth outlook.

West Africa’s growth is projected to increase to 4.1% in 2023 and further rise to 4.3% in 2024 on the backdrop of increased economic activities in Nigeria and Cote D’Ivoire. This positive outlook is however threatened by geopolitical tensions in some West African countries and expected currency pressures.

Globally, the priority remains achieving sustained disinflation levels and reduced geopolitical tensions.