The annual meeting of the International Monetary Fund (IMF) and the World Bank took place in Marrakesh from 9 to 15 October, the first time in Africa in 50 years. The IMF’s Regional Economic Outlook for sub-Saharan Africa, which was launched at the meeting, highlighted some of the major challenges the continent was still grappling with after the COVID-19 pandemic, including the sluggish global economy, worldwide inflation, high borrowing costs, and a cost of living crisis. As a result, growth in 2023 is expected to fall for the second year in a row to 3.3% from 4% last year.
However, the IMF expected a rebound in 2024, with growth rising to 4% again, inflation decreasing and public finances stabilising. But the outlook cautions that it may be too early to celebrate. To ensure that the coming rebound is more than just a transitory glimpse of sunshine, the IMF argues that authorities should guard against a premature relaxation of stabilisation policies, while also focusing on reforms to both claw back lost ground from the four-year crisis and also to create new space to address the region’s pressing development needs.
Speakers
- Catherine Patillo: Deputy Director of the African Department, IMF
- Luc Eyraud: Director of Regional Studies, IMF
Moderator
- Elizabeth Sidiropoulos: Chief Executive, SAIIA
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Entrance is free for all persons attending.
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