World Bank: Prosperity in sub-Saharan Africa is not enough to reduce poverty
The World Bank expects economic growth in sub-Saharan Africa to increase over the next two years, but not enough to significantly reduce poverty in the continent.
In its report titled "Africa's Pulse", which is released twice a year, the World Bank said that the region's economy will grow by 3.4% this year, from 2.4% in 2023, because inflation exceeds private consumption. .
Many African countries, south of the Sahara Desert, have been greatly affected by the Corona crisis and the war between Russia and Ukraine, which caused high inflation and increased borrowing costs due to increased interest rates. Also, drought and conflicts have affected large areas of the African region.
The report said, "Economic prosperity is expected to return again in the African region, south of the Sahara Desert, but the recovery is still fragile. It said: "The speed of economic prosperity in the region is still small and not enough to have a significant impact on to reduce poverty."
On the contrary, the economy of the East African Community is expected to grow by 5.3 percent this year, due to strong economic growth in the countries of Kenya, Rwanda, Uganda and the Democratic Republic of Congo.
