At the current rate of labor force growth, Africa needs to create about 12 million new jobs every year to prevent unemployment from rising. The downward revision reflects a more challenging external environment, continued output disruptions in oil-exporting countries, and weaker-than-anticipated growth in South Africa. As a result, 24 countries, home to about 500 million people, will see their per capita income rise faster than the rest of the world. Hence, 21 countries are projected to have per capita growth lower than the world average. But improved macroeconomic and employment outcomes require industry to lead growth, according to the 2019 African Economic Outlook report, launched today by the African Development Bank. Although there is considerable heterogeneity across countries, more than 70 percent of the countries in the region are in the bottom half of countries globally in terms of competition indicators. Inflation has remained low reflecting the peg to the Euro, but also continued solid agricultural production and the limited passthrough of higher world oil prices. strengthening the resolution framework, and setting up a deposit guarantee Macroeconomic performance and outlook Real GDP growth was estimated at 2.3% in 2019, marginally higher than 1.9% in 2018. These reforms include gradually increasing ”, Phone: +1 202 623-7100Email: MEDIA@IMF.org. January 24, 2019. It also provides relevant and essential reference material on Africa’s economic development, for researchers, investors, civil society organisations, and development partners. How-ever, African economies have deindustrialized. programs aimed at improving competitiveness and strengthening the dynamic Plot, compare and import data. Leading the way are six economies among the world’s 10 fastest growers: Rwanda, Ethiopia, … of public debt dynamic are crucial to ensure macroeconomic stability and 20 novembre 2019. Based on a database of domestic arrears in sub-Saharan African countries, Chapter 3 finds that domestic arrears have been pervasive in many countries, reflecting weak public financial management. The 2019 African Economic Outlook high-lights that macroeconomic stabilization and employment outcomes are better when industry leads growth, suggesting that industrialization is a robust path to rapid job creation. Real GDP growth is projected to stay above 6 percent over the medium-term, The Bank’s Director of Macroeconomic Policy Forecasting and Research Department, Hanan Morsy, provided participants with the report’s “storyline” and noted that in spite of a rising national debt across Africa, “there is no systemic risk of debt crisis.”. Statistical Appendix Tables. the external current account deficit. Unfavorable terms-of-trade have contributed to an increase of At the conclusion of the mission, Ms. Allard issued the following Fiscal consolidation will require bolstering domestic This report, therefore, outlines critical factors that will determine whether we move to a more accelerated phase of growth or are plunged into a cycle of contraction. However, despite the prevalence of arrears, their causes, effects, and consequences are not well understood. The chapter finds that domestic arrears negatively impact private sector activity and the delivery of social services while increasing banking sector vulnerabilities and undermining citizens’ trust in the government. -  eliminating all applied bilateral tariffs in Africa; -  keeping rules of origin simple, flexible, and transparent; -  removing all nontariff barriers on goods and services; -  implementing the World Trade Organization’s Trade Facilitation Agreement to reduce cross border time and transaction costs tied to nontariff measures and ; -  negotiating with other developing countries to reduce their tariffs and nontariff barriers, by 50%. 2018 was a year of slow, anaemic growth in the Nigerian economy. Inflation has remained low reflecting the peg to the Euro, but also continued solid agricultural production and the limited passthrough of higher world oil prices. The full report is available online in English, French, and Portuguese at: https://www.afdb.org/aeo, African Economic Outlook 2019: Africa growth prospects remain steady, industry should lead growth, Macro-economics Policy, Forecasting and Research, Independent Development Evaluation (IDEV), ‘The state of the continent is good. sustain growth. Our report, therefore, provides scenario-based projections for the economy. implementing national reform programs, further security concerns as well as government securities and the interbank market, which are essential for the Fiscal Reducing risks and promoting sustained and inclusive growth across all countries in the region requires carefully calibrating the near-term policy mix, building resilience, and raising medium-term growth. However, growth remains subject to downside risks, including delays in implementing national reform programs, further security concerns as well as uncertainties on global growth and international financial market conditions. As a result, 24 countries, home to about 500 million people, will see their per capita income rise faster than the rest of the world. 17-Jan-2019. aggregate fiscal deficit to 3.9 percent of GDP in 2018 from 4.3 percent of Sub-Saharan Africa: More Competition Less Inequality, Six Charts on How Elevated Global Uncertainty Is Creating Challenges for Sub-Saharan Africa, IMF Data Mapper® v3