Estimated at 1.6% on average in 2017, real GDP growth in Southern Africa is expected to improve to 2% in 2018 and 2.4% in 2019.
Deputy Director General of the Bank for Southern Africa, Josephine Ngure said: "The Southern Africa region has made considerable progress in the fight against poverty and improvements in the quality of life of its inhabitants, through the implementation of policies targeting the acceleration of industrialization and the promotion of growth and job creation."
However, economic forecasts remain cautious, especially given the very different growth patterns of the region's economies. The economic "locomotive" of the region, South Africa, shows signs of slow growth, and possibly declining growth, while low-income countries and the economies in transition, such as Madagascar and Mozambique, recorded more important growth.
"High fiscal deficits and rising public debt pose challenges to macroeconomic stability in several southern African countries. Governments should put in place measures to improve the mobilization of domestic resources and funds from the private sector to ensure adequate levels of development spending, stimulate growth and create jobs, especially for young people, "said Stefan Muller, Bank's Senior Economist for Southern Africa.
AfDB Experts Talk About African Industrialization
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VIDEO: AfDB’s Victor Oladokun on Solutions to Accelerate Africa’s Industrialization
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Guest of the Day: Stella Kilonzo, Senior Director of the Africa Investment Forum
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VIDEO: "Youth Must be Included in the African Industrialization Process" - Vanessa Mounger - Director of Gender, Women and Civil Society, AfDB
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Guest of the Day: Hassatou Diop N'Sele, Acting Vice-President, Finance, and Treasurer, African Development Bank Group
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VIDEO: Importance of Agriculture to the Process of African Industrialization - Jennifer Blanke, AfDB's Vice President of Agriculture, Human and Social Development
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Guest of the day: Vincent Nmehielle, Secretary General, African Development Bank Group
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VIDEO: Accelerating African Industrialization, Vision, Experiments and Lessons Learned - The High Level Dialogue participated in by Dr. Akinwumi Adesina, African Development Bank President, Jim Yong Kim
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Guest of the day: Simon Mizrahi, Director of the Bank's Service Delivery, Performance Management and Results