African governments must sharpen their focus on macroeconomic stability

The World Bank projects economic growth in sub-Saharan Africa to slow to 3.1 percent in 2023 from 3.6 percent in 2022.

According to the World Bank’s April 2023 economic update for sub-Saharan Africa, growth across the region remains sluggish, dragged down by uncertainty in the global economy, the under-performance of the continent’s largest economies, high inflation, and a sharp deceleration of investment growth.

The report says the African governments must sharpen their focus on macroeconomic stability, domestic revenue mobilization, debt reduction, and productive investments to reduce extreme poverty and boost shared prosperity in the medium-to-long term amid dampened growth prospects and rising debt levels.

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