Regional Economic Outlook, Sub-Saharan Africa, October 2024: Reforms amid Great Expectations

Author: International Monetary Fund. African Dept.

Countries are implementing reforms to reduce imbalances with varied progress. Growth is subdued, financing is tight, socio-economic challenges fuel social frustration. Protecting the vulnerable and effective governance are crucial for public support of needed reforms.

Publication date: October 2024

ISBN: 9798400287060

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Topics covered in this book

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Finance , Inflation , Economics- Macroeconomics , Public Finance , Sub-Saharan Africa , Fiscal consolidation , Policy adjustment , Structural reforms , Macroeconomic imbalances , Growth , Inflation , Funding squeeze , Poverty , Governance , Social acceptability of reforms , Political pressures , Job creation , IMF staff calculation , IMF financing arrangement , headline inflation , balancing act , financing constraint , countries in Sub-Saharan Africa , Government debt management , Emerging and frontier financial markets , Global , Africa

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Summary

Sub-Saharan African countries are implementing diﬃcult and much needed reforms to restore macroeconomic stability, and while overall imbalances have started to narrow, the picture is varied. Policymakers face three main hurdles. First, regional growth, at a projected 3.6 percent in 2024, is generally subdued and uneven, although it is expected to recover modestly next year to 4.2 percent. Second, financing conditions continue to be tight. Third, the complex interplay of poverty, scarce opportunities, and weak governance--compounded by a higher cost of living and short-term hardships linked to macroeconomic adjustment--are fueling social frustration. Within this environment, policymakers face a diﬃcult balancing act in striving for macroeconomic stability while also working to address development needs and ensure that reforms are socially and politically acceptable. Protecting the most vulnerable from the costs of adjustment and realizing reforms that create suﬃcient jobs will be critical to mobilize public support.