Title: The deceleration of growth in sub-Saharan Africa in 2023: the economic challenges to be met
Introduction :
The Sub-Saharan Africa region faces a deceleration in economic growth in 2023, amplified by political instability, weak growth in major economies, climate shocks and global uncertainty. According to the Africa Pulse report, this deceleration is expected to fall from 3.6% in 2022 to 2.5% in 2023, marking a period of lost growth. In this article, we will explore the causes of this deceleration and the challenges the region faces in boosting economic growth.
The difficult economic context:
Growth in the sub-Saharan Africa region has not been sustained in recent years. Since 2015, GDP per capita has not increased, highlighting worrying economic stagnation. Low commodity prices in 2014-2015 were a key factor in this situation, leading to a contraction in the per capita growth rate of 0.1% over the period 2015-2025.
Regional disparities:
Economic growth varies across sub-regions in sub-Saharan Africa. The Eastern and Southern Africa (AFE) region sees limited growth, with a forecast of 1.9% in 2023, while West and Central Africa (AFW) shows stronger growth , estimated at 3.3% for the same year. This underlines the importance of taking into account regional specificities to implement appropriate economic policies.
The challenges to be met:
Several major challenges hinder economic growth in sub-Saharan Africa. The overindebtedness of economies is a major concern, as is weak job creation and the slow reduction of poverty. Job insecurity is a major problem, with almost 96% of businesses in the region employing fewer than five people. Additionally, the gender pay gap poses a barrier to productivity and efficient labor allocation.
Prospects for improvement:
To stimulate economic growth in sub-Saharan Africa and address these challenges, specific measures must be taken. It is essential to support skills linked to demand in the labor market and to promote the organizational transformation of companies. Political stability and institutional strengthening are also key factors in supporting the market economy. Finally, financial stabilization and debt reduction are key elements for inclusive growth.
Conclusion :
The deceleration of growth in sub-Saharan Africa poses a major challenge for the region. However, by identifying the causes of this deceleration and implementing appropriate economic policies, it is possible to stimulate growth and address economic challenges. It is crucial that countries in the region work together to promote sustainable, inclusive and resilient growth to create a prosperous future for all.