Back to news
World Bank revises Ghana’s growth rate to 4% in 2024; economy to expand 4.2% in 2025
@Source: ghanamma.com
The World Bank has revised Ghana’s Gross Domestic Product (GDP) growth rate projection for 2024 to 4.0% from the initial 4.8% reported by the October 2024 Africa Pulse Report.
This is however same as the International Monetary Fund (IMF) forecast of 4.0%.
According to its January 2025 Global Economic Prospects, the country’s economy is expected to expand by 4.2% and 4.8% in 2025 and 2026 respectively.
This is however lower than the pre Covid-19 pandemic average of 5%.
The World Bank said the risks to the outlook are tilted to the downside.
Further downside risks include a sharper-than-expected economic slowdown in China; escalating global geopolitical tensions, especially an intensification of the conflict in the Middle East; and worsening political instability and an escalation of violent conflicts in the region, especially in East Africa and the Sahel.
Furthermore, it said more persistent inflation than expected could keep global interest rates elevated, compounding the challenges confronting highly indebted countries, while greater frequency and intensity of adverse weather events could exacerbate poverty in many countries across SSA.
Meanwhile, the World Bank said growth in Sub-Saharan Africa picked up from 2.9% in 2023 to an estimated 3.2% in 2024.
This was 0.3 percentage points lower than projected in June 2024, reflecting the ongoing violent conflict in Sudan as well as various country-specific challenges that weighed on the region’s economic recovery last year.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Related News
29 Mar, 2025
What links Elon Musk, Manchester City an . . .
21 Mar, 2025
Watch: Raisina Dialogue | 5 key takeaway . . .
13 Mar, 2025
Obamas' production company exploring Tig . . .
21 Feb, 2025
'We Are Bullish On Gurugram Real Estate, . . .
10 Feb, 2025
Iran to rely on diplomacy in case of pro . . .
08 Mar, 2025
A Welsh sporting hero died without anyon . . .
20 Mar, 2025
Lions will face indigenous and Pacific t . . .
17 Mar, 2025
Coffee Creamer Recall? Over 75,000 Inter . . .