A gradual recovery in some commodity prices and continued reform efforts are part of the new Africa narrative, but risks remain.
North Africa’s regional economic growth was revised downwards from a previous projection of 4.4% this year to 4% due to weak growth in Sudan and Tunisia. Algeria is also expected to underperform this year due to limited fiscal space amid a lower forecast for global oil prices. The past quarter has raised the spectre of widespread instability for the North African region once again. Of the other regions in Africa, East Africa is still the one with the strongest expected performance, with Ethiopia, Rwanda, Tanzania, and Uganda all expected to record real GDP growth above 6% this year.ts yet more downside risk to the continent’s biggest economy, Nigeria. (Source: Africa Quarterly Update March 2019.)