report, rising instability, weak growth in the region's largest economies, and lingering uncertainty in the global economy are dragging down growth prospects in the region.
In per capita terms, growth in Sub-Saharan Africa has not increased since 2015. In fact, the region is projected to contract at an annual average rate per capita of 0.1% over 2015-2025, thus potentially marking a lost decade of growth in the aftermath of the 2014-15 plunge in commodity prices. Despite the gloomy outlook, there are a few bright spots. Inflation is expected to decline from 9.3% in 2022 to 7.3% in 2023 and fiscal balances are improving in African countries that are pursuing prudent and coordinated macroeconomic policies. In 2023, the Eastern African community is expected to grow by 4.9% while the West African Economic and Monetary Union is set to grow by 5.1%.
"The urgency of the jobs challenge in Sub-Saharan Africa is underscored by the huge opportunity from demographic transitions that we have seen in other regions,""This will require an ecosystem that facilitates private-sector development and firm growth, as well as skill development that matches business demand."
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