Growth in Sub-Saharan Africa should remain resilient despite high energy prices and tighter global financial conditions. We’re optimistic relative to the consensus on growth in much of the region, including Nigeria, Ghana and, from next year, South Africa.
Vulnerabilities are concentrated in economies such as Kenya, Ethiopia and Mozambique, where the energy shock is compounding existing fiscal and external pressures. Pressure on currencies and the risk of debt distress could intensify.
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