A gradual recovery in some commodity prices and continued reform efforts are part of the new Africa narrative, but risks remain.
Although the North African region remains somewhat unsettled after several dramatic events in the first half of the year, regional economic growth was revised slightly higher from 2.7% to 2.9% this year thanks to an upward revision in Egypt, Tunisia, and Libya’s growth estimate. South Africa is expected to show only marginal growth this year, while some other Southern African economies are expected to contract. Namibia, eSwatini, and Zimbabwe are all expected to post negative growth rates this year, with Angola expected to experience a fourth straight year of contraction. Elsewhere, in Nigeria, GDP growth disappointed in Q2, with the outlook not particularly rosy. (Source: Africa Quarterly Update September 2019.)