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Global economiesJanuary 22

Overhaul of debt restructure mechanisms can’t come quickly enough for Africa

GDP growth has not kept pace with population increases, warns the World Bank, with economic development squeezed by high debt levels.
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Overhaul of debt restructure mechanisms can’t come quickly enough for AfricaImage: Getty Images

In the midst of a generally gloomy outlook for the global economy in 2024, the World Bank has sounded a particularly downbeat note of concern for the prospects for sub-Saharan Africa.

At the regional level, sub-Saharan African gross domestic product (GDP) is forecast to grow in line with the average for emerging markets and developing economies as a whole — faster than the global average and that of advanced economies such as the US and Japan (see table).

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John Everington is the Middle East and Africa editor. Prior to joining The Banker, John was the deputy business editor of The National in the UAE, and has also worked for Dealreporter, Arab News and The Telegraph. He has also covered the telecom sector in Africa and the Middle East, living and working in Qatar and the UK. John has a BA in Arabic and History and an MA in Middle Eastern Studies from the School of Oriental and African Studies (SOAS) in London.
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