IMF projection ‘Ethiopia shows a GDP growth rate of 5.3% in 2023’

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The newly released IMF real GDP growth projection depicts a somewhat gloomy prospect for sub-Saharan Africa (SSA).

The region’s progress had only bounced back to 4.7% in 2021 before a sharp decline to 3.6% was forecast for 2022.

SSA’s growth in 2023 is projected to remain low at 3.7% as a global slowdown, constricted international financial conditions, and a dramatic surge in worldwide inflation spill into a region already drained by a continuing series of shocks.

This is not far from the global growth forecast to slow from 6.0% in 2021 to 3.2% in 2022 and 2.7% in 2023.

The countries found within the area demonstrate a wide variety of expected performances. According to IMF, Senegal ousts all other sub-Saharan African countries with a projected growth of 8.1% in the coming year, a steep climb from its 4.7% rate in 2022. Equatorial Guinea, on the contrary, has the lowest expected growth estimated to be -3.1%. 

Ethiopia shows an improved expected rate of 5.3% in 2023, which pales in comparison to its 2021 growth of 6.3% but is a boost from the 3.8% the country is expected to end this year (2022).

Source: IMF

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