THE global pandemic has left the economies of East and West Africa better poised than many other regions to rebound next year, supporting currency stability. While growth in Asia will surpass the African continent, East Africa should see an uptick of at least 3 percent in 2021, led by consumer demand in Kenya fuelling 4 percent-plus growth, along with healthy expansion for Ethiopia and Tanzania, Fitch Solutions analysts said this week.
The outlook is strongest in West Africa, projected to see an average of 4.4 percent growth, with Ghana leading the way amid rising demand for its commodity exports and one of the shortest lockdowns causing fewer negative effects, according to the Fitch Solutions analysts. Senegal and Côte d’Ivoire are next in line, while Nigeria’s growth is dragged down by weaker oil prices.
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