INSUBCONTINENT EXCLUSIVE:
Fitch Ratings forecasts a 4% growth for Sub-Saharan Africa in 2024, signifying a steady economic progression.This growth aligns with the
ratings for the region, indicating stable economic conditions.Despite the overall average growth, there are notable variations among the 20
countries analyzed.Seven of these countries are expected to grow at rates equal to or exceeding 5.5%, illustrating the diverse economic
landscapes within the region.Key risks identified include financing constraints, climatic events, and the possibility of slower global
growth impacting African economies.These factors underscore the interconnectedness of global and regional economic dynamics.Sub-Saharan
Africa Poised for 4% Growth in 2024
(Photo Internet reproduction)Inflation in the region is projected to slow down, decreasing from a high of 7.4% in 2022 to an anticipated
4.9% next year.This expected decrease in inflation could contribute positively to economic stability across the region.Regarding public
debt, Fitch expects a stabilization of 67%.This prediction is based on ongoing fiscal consolidation efforts supported by International
Monetary Fund programs in many countries.The stabilization reflects concerted efforts to manage fiscal challenges effectively.Countries in
the region have public debt exceeding 70% of their GDPThe debt-to-GDP ratio in this region is maintained at 67%, higher than pre-pandemic
fiscal management and economic reforms.The report also notes that half of the Fitch-rated countries in the region have public debt exceeding
70% of their GDP.This high debt ratio presents ongoing challenges and underscores the need for careful fiscal planning and management.The
analysis concludes that the average debt-to-revenue ratio will remain above 300%, suggesting that tax revenues cover only a third of debt
servicing costs.This statistic points to the ongoing need for economic reforms and efficient tax collection to ensure regional fiscal
