Transcription of SUB-SAHARAN AFRICA - World Bank Group
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SUB-SAHARAN AFRICA - World Bank Group
1 Recent Developments GDP growth in SUB-SAHARAN AFRICA improved to an average of percent in 2014, up from percent in 2013, but weaker than the average of percent during 2002 08, supported by infrastructure in-vestment and consumer spending. Growth softened around the turn of the year owing to headwinds from the plunge in the price of oil. SUB-SAHARAN AFRICA s oil exporters, which account for nearly half of the region s GDP, are experiencing a major ad-verse shock1. Their economies depend heavily on oil for revenues and foreign reserves (Figure ). Between June 2014 and January 2015, oil prices de-clined by nearly 50 percent, more than the prices of other commodities, and have remained low despite the recent uptick (Figure ).
1 Recent Developments GDP growth in Sub-Saharan Africa improved to an average of 4.6 percent in 2014, up from 4.2 percent in 2013, but weaker than the average …
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