IMF Predicts Economic Growth for Five East African Countries in 2022
The Year 2022 is here. So, what could the next 12 months have in store for Tanzania, Kenya, Rwanda, Uganda, Burundi and South-Sudan, economically? The IMF has its crystal ball handy here…
The year 2022, which is just starting comes with some promising economic growth predictions for the five Member States of the East African Community.
Latest annalysis and projections from the International Monetary Fund (IMF) Africa, reports a massive 7.0 percent growth for Rwanda in 2022.
South-Sudan, usually thought to be a troubled country, is expected to record a 6.5 growth.
The Latest Growth Projections for Africa, South of the Sahara, also indicate a promising 6.0 percent, 5.1 Percent and 5.1 percent growths for Kenya, Uganda and Tanzania, respectively. This places the five East African Countries afloat in the coming 12 months.
According to the IMF economic forecast the sub-Saharan Africa’s potential remains undiminished. The region is at a critical juncture to implement bold transformative reforms to capitalize on the potential.
Sychelles with 7.7 percent, tops the African figures. Which means Rwanda, is now second on the continent, as far as IMF Africa projections for 2022 are concerned.
The world remains in the grip of the COVID-19 pandemic and a seemingly accelerating pace of climate change, both of which underscore the need for increased global cooperation and dialogue. Solutions to these global problems must involve all countries and all regions, especially sub-Saharan Africa, with the world’s least vaccinated population, most promising renewable energy potential, and critical ecosystems. Sub-Saharan Africa’s economy expanded by 3.7 percent in 2021 and is expected to grow by 3.8 percent in 2022. This follows the sharp contraction in 2020 and is much welcome, but still represents the slowest recovery relative to other regions.International Monetary Fund (IMF)
The report states that the economic outlook points to divergences at three levels: between sub-Saharan Africa and other regions, within sub-Saharan Africa, and within countries.
“These divergences reflect the region’s slower vaccines rollout, more limited fiscal space, and regional disparities in resilience. The outlook remains extremely uncertain, and risks are tilted to the downside. In particular, the recovery depends on the path of the global pandemic and the regional vaccination effort, food price inflation, and is also vulnerable to disruptions in global activity and financial markets.”