Sub-Saharan Africa Outlook, Jan 2014

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The document discusses economic growth and prospects in Sub-Saharan Africa according to a World Bank report. It notes that real GDP growth picked up to 4.7% in 2013, driven by strong domestic demand. However, fiscal deficits deteriorated and inflation declined due to lower food prices. The report forecasts continued robust growth in the region of 5.3-5.5% through 2016, but cites risks such as a decline in commodity prices, tighter monetary conditions, fiscal deficits, political unrest, and adverse weather.

Economy & Finance Business Technology

Global Economic
Prospects
January 2014
Sub-Saharan
Africa
Gerard Kambou
World Bank
January 2014
www.worldbank.org/globaloutlook

Real GDP growth picked up in Sub-Saharan Africa in 2013

%

Real GDP growth

9.0

Developing countries excl. China
8.0
Sub-Saharan Africa
Sub-Saharan Africa excl. South Africa

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0
2005

2006

Source: World Bank

2007

2008

2009

2010

2011

2012

2013

Strong domestic demand was the main driver of growth
% 7.0

Next exports

Domestic demand

Real GDP

6.0

5.0

4.0

3.0

2.0

1.0

0.0

-1.0

-2.0
2010

Source: World Bank

2011

2012

2013

Fiscal deficits deteriorated further in 2013

%

Overall fiscal deficit as a share of GDP

4.0
3.0

2.0
1.0

2011

2012

2013e

0.0
-1.0
-2.0
-3.0
-4.0
-5.0
Sub-Saharan Africa

Source: World Bank

Oil importers

Oil exporters

Fiscal deficits deteriorated further in 2013

%

Overall fiscal deficit as a share of GDP

%, y/y
18

Annual headline inflation

4.0
16
3.0
14

2.0
1.0

2011

2012

12

2013e

10
0.0
8
-1.0
6

-2.0

4

-3.0
-4.0

2

-5.0

0
Sub-Saharan Africa

Source: World Bank

Oil importers

Oil exporters

Oil exportes

Oil importers

Sub-Saharan Africa

Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

However, reflecting lower
food prices, inflation
decelerated in 2013.

Robust domestic demand,
relatively resilient FDI flows
and slower pace of inflation are
expected to continue to support
growth in Sub-Saharan Africa in the
medium term.

Regional GDP growth
%
7.0

Real GDP growth, 2014-16
Sub-Saharan Africa

Sub-Saharan Africa excl. South Africa

6.0

5.0

4.0

3.0

2.0

1.0

0.0
2014

Source: World Bank

2015

2016

Regional GDP growth
%
7.0

Real GDP growth, 2014-16
Sub-Saharan Africa

Sub-Saharan Africa excl. South Africa

6.0

5.3%
5.0

4.0

3.0

2.0

1.0

0.0
2014

Source: World Bank

2015

2016

Regional GDP growth
%
7.0

Real GDP growth, 2014-16
Sub-Saharan Africa

6.0

Sub-Saharan Africa excl. South Africa

5.4%

5.3%
5.0

4.0

3.0

2.0

1.0

0.0
2014

Source: World Bank

2015

2016

Regional GDP growth
%
7.0

Real GDP growth, 2014-16
Sub-Saharan Africa

6.0

5.4%

5.3%

Sub-Saharan Africa excl. South Africa

5.5%

5.0

4.0

3.0

2.0

1.0

0.0
2014

Source: World Bank

2015

2016

The region’s growth prospects
are subject to important
downside risks.

Risks and Vulnerabilities
External risks
• Protracted decline in
commodity prices

Risks and Vulnerabilities
External risks
• Protracted decline in commodity
prices
• Effects from tightening of
monetary conditions as U.S.
Federal reserve begins to taper

asset

Risks and Vulnerabilities
External risks

Domestic risks

• Protracted decline in
commodity prices
• Second round effects from
tightening of monetary
conditions as U.S. Federal

• Fiscal deficits

reserve begins to taper asset

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UoB本科学位证成绩单【微信95270640】伯明翰大学没毕业>办理伯明翰大学毕业证成绩单【微信UoB】UoB毕业证成绩单UoB学历证书UoB文凭《UoB毕业套号文凭网认证伯明翰大学毕业证成绩单》《哪里买伯明翰大学毕业证文凭UoB成绩学校快递邮寄信封》《开版伯明翰大学文凭》UoB留信认证本科硕士学历认证如果您是以下情况，我们都能竭诚为您解决实际问题：【公司采用定金+余款的付款流程，以最大化保障您的利益，让您放心无忧】 1、在校期间，因各种原因未能顺利毕业，拿不到官方毕业证+微信95270640 2、面对父母的压力，希望尽快拿到伯明翰大学伯明翰大学硕士毕业证成绩单； 3、不清楚流程以及材料该如何准备伯明翰大学伯明翰大学硕士毕业证成绩单； 4、回国时间很长，忘记办理； 5、回国马上就要找工作，办给用人单位看； 6、企事业单位必须要求办理的；面向美国乔治城大学毕业留学生提供以下服务: 【★伯明翰大学伯明翰大学硕士毕业证成绩单毕业证、成绩单等全套材料，从防伪到印刷，从水印到钢印烫金，与学校100%相同】【★真实使馆认证（留学人员回国证明），使馆存档可通过大使馆查询确认】【★真实教育部认证，教育部存档，教育部留服网站可查】【★真实留信认证，留信网入库存档，可查伯明翰大学伯明翰大学硕士毕业证成绩单】我们从事工作十余年的有着丰富经验的业务顾问，熟悉海外各国大学的学制及教育体系，并且以挂科生解决毕业材料不全问题为基础，为客户量身定制1对1方案，未能毕业的回国留学生成功搭建回国顺利发展所需的桥梁。我们一直努力以高品质的教育为起点，以诚信、专业、高效、创新作为一切的行动宗旨，始终把“诚信为主、质量为本、客户第一”作为我们全部工作的出发点和归宿点。同时为海内外留学生提供大学毕业证购买、补办成绩单及各类分数修改等服务；归国认证方面，提供《留信网入库》申请、《国外学历学位认证》申请以及真实学籍办理等服务，帮助众多莘莘学子实现了一个又一个梦想。专业服务，请勿犹豫联系我如果您真实毕业回国，对于学历认证无从下手，请联系我，我们免费帮您递交诚招代理：本公司诚聘当地代理人员，如果你有业余时间，或者你有同学朋友需要，有兴趣就请联系我你赢我赢，共创双赢你做代理，可以帮助伯明翰大学同学朋友你做代理，可以拯救伯明翰大学失足青年你做代理，可以挽救伯明翰大学一个个人才你做代理，你将是别人人生伯明翰大学的转折点你做代理，可以改变自己，改变他人，给他人和自己一个机会大块就啃啃得满嘴满脸猴屁股般的红艳大家一个劲地指着对方吃吃地笑瓜裂得古怪奇形怪状却丝毫不影响瓜味甜丝丝的满嘴生津遍地都是瓜横七竖八的活像掷满了一地的大石块摘走二三只爷爷是断然发现不了的即便发现爷爷也不恼反而教山娃辨认孰熟孰嫩孰甜孰淡名义上是护瓜往往在瓜棚里坐上一刻饱吃一顿后山娃就领着阿黑漫山遍野地跑阿黑是一条黑色的大猎狗挺机灵的是山娃多年的忠实伙伴平时山娃上学阿黑也摇头晃脑地跟去暑假用不着上学阿钩

一比一原版(IC毕业证)帝国理工大学毕业证如何办理

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IC毕业证文凭证书【微信95270640】一比一伪造帝国理工大学文凭@假冒IC毕业证成绩单+Q微信95270640办理IC学位证书@仿造IC毕业文凭证书@购买帝国理工大学毕业证成绩单IC真实使馆认证/真实留信认证回国人员证明如果您是以下情况，我们都能竭诚为您解决实际问题：【公司采用定金+余款的付款流程，以最大化保障您的利益，让您放心无忧】 1、在校期间，因各种原因未能顺利毕业，拿不到官方毕业证+微信95270640 2、面对父母的压力，希望尽快拿到帝国理工大学帝国理工大学毕业证学历书； 3、不清楚流程以及材料该如何准备帝国理工大学帝国理工大学毕业证学历书； 4、回国时间很长，忘记办理； 5、回国马上就要找工作，办给用人单位看； 6、企事业单位必须要求办理的；面向美国乔治城大学毕业留学生提供以下服务: 【★帝国理工大学帝国理工大学毕业证学历书毕业证、成绩单等全套材料，从防伪到印刷，从水印到钢印烫金，与学校100%相同】【★真实使馆认证（留学人员回国证明），使馆存档可通过大使馆查询确认】【★真实教育部认证，教育部存档，教育部留服网站可查】【★真实留信认证，留信网入库存档，可查帝国理工大学帝国理工大学毕业证学历书】我们从事工作十余年的有着丰富经验的业务顾问，熟悉海外各国大学的学制及教育体系，并且以挂科生解决毕业材料不全问题为基础，为客户量身定制1对1方案，未能毕业的回国留学生成功搭建回国顺利发展所需的桥梁。我们一直努力以高品质的教育为起点，以诚信、专业、高效、创新作为一切的行动宗旨，始终把“诚信为主、质量为本、客户第一”作为我们全部工作的出发点和归宿点。同时为海内外留学生提供大学毕业证购买、补办成绩单及各类分数修改等服务；归国认证方面，提供《留信网入库》申请、《国外学历学位认证》申请以及真实学籍办理等服务，帮助众多莘莘学子实现了一个又一个梦想。专业服务，请勿犹豫联系我如果您真实毕业回国，对于学历认证无从下手，请联系我，我们免费帮您递交诚招代理：本公司诚聘当地代理人员，如果你有业余时间，或者你有同学朋友需要，有兴趣就请联系我你赢我赢，共创双赢你做代理，可以帮助帝国理工大学同学朋友你做代理，可以拯救帝国理工大学失足青年你做代理，可以挽救帝国理工大学一个个人才你做代理，你将是别人人生帝国理工大学的转折点你做代理，可以改变自己，改变他人，给他人和自己一个机会美景更增添一份性感夹杂着一份纯洁的妖娆毫无违和感实在给人带来一份悠然幸福的心情如果说现在的审美已经断然拒绝了无声的话那么在树林间飞掠而过的小鸟叽叽咋咋的叫声是否就是这最后的点睛之笔悠然走在林间的小路上宁静与清香一丝丝的盛夏气息吸入身体昔日生活里的繁忙与焦躁早已淡然无存心中满是悠然清淡的芳菲身体不由的轻松脚步也感到无比的轻快走出这盘栾交错的小道眼前是连绵不绝的山峦浩荡天地间大自然毫无吝啬的展现它的达

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一比一原版(GWU,GW毕业证)加利福尼亚大学|尔湾分校毕业证如何办理

obyzuk

GWU,GW毕业证录取书【微信95270640】一比一伪造加利福尼亚大学|尔湾分校文凭@假冒GWU,GW毕业证成绩单+Q微信95270640办理GWU,GW学位证书@仿造GWU,GW毕业文凭证书@购买加利福尼亚大学|尔湾分校毕业证成绩单GWU,GW真实使馆认证/真实留信认证回国人员证明全套服务：加利福尼亚大学|尔湾分校加利福尼亚大学|尔湾分校毕业证成绩单真实回国人员证明 #真实教育部认证。让您回国发展信心十足#铸就十年品质！信誉！实体公司！可以视频看办公环境样板如需办理真实可查可以先到公司面谈勿轻信小中介黑作坊！可以提供加利福尼亚大学|尔湾分校钢印 #水印 #烫金 #激光防伪 #凹凸版 #最新版的毕业证 #百分之百让您绝对满意印刷DHL快递毕业证 #成绩单7个工作日真实大使馆教育部认证1个月。为了达到高水准高效率请您先以qq或微信的方式对我们的服务进行了解后如果有加利福尼亚大学|尔湾分校加利福尼亚大学|尔湾分校毕业证成绩单帮助再进行电话咨询。国外毕业证学位证成绩单如何办理： 1客户提供办理信息：姓名生日专业学位毕业时间等（如信息不确定可以咨询顾问：我们有专业老师帮你查询）； 2开始安排制作加利福尼亚大学|尔湾分校毕业证成绩单电子图； 3毕业证成绩单电子版做好以后发送给您确认； 4毕业证成绩单电子版您确认信息无误之后安排制作成品； 5成品做好拍照或者视频给您确认； 6快递给客户（国内顺丰国外DHLUPS等快读邮寄）。口水苦涩无比山娃一边游泳一边念念不忘那元门票尤令山娃气愤的是泳池老板居然硬让父亲买了一大一小二条巴掌般大的裤衩衩走出泳池山娃感觉透身粘粘乎乎散发着药水味有点痒山娃顿时留恋起家乡的小河潺潺活水清凉无比日子就这样孤寂而快乐地过着寂寞之余山娃最神往最开心就是晚上无论多晚多累父亲总要携山娃出去兜风逛夜市流光溢彩人潮涌动的都市夜生活总让山娃目不暇接惊叹不已父亲老问山娃想买什么想吃什么山娃知道父亲赚钱很辛苦在

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Sub-Saharan Africa Outlook, Jan 2014

1. Global Economic Prospects January 2014 Sub-Saharan Africa Gerard Kambou World Bank January 2014 www.worldbank.org/globaloutlook

2. Real GDP growth picked up in Sub-Saharan Africa in 2013 % Real GDP growth 9.0 Developing countries excl. China 8.0 Sub-Saharan Africa Sub-Saharan Africa excl. South Africa 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2005 2006 Source: World Bank 2007 2008 2009 2010 2011 2012 2013

3. Real GDP growth picked up in Sub-Saharan Africa in 2013 % Real GDP growth 9.0 Developing countries excl. China 8.0 Sub-Saharan Africa Sub-Saharan Africa excl. South Africa 7.0 6.0 4.7% 5.0 4.0 3.0 2.0 1.0 0.0 2005 2006 Source: World Bank 2007 2008 2009 2010 2011 2012 2013

4. Real GDP growth picked up in Sub-Saharan Africa in 2013 % Real GDP growth 9.0 Developing countries excl. China 8.0 Sub-Saharan Africa Sub-Saharan Africa excl. South Africa 7.0 6.0 4.7% 5.0 4.0 3.5% 3.0 2.0 1.0 0.0 2005 2006 Source: World Bank 2007 2008 2009 2010 2011 2012 2013

5. Real GDP growth picked up in Sub-Saharan Africa in 2013 % Real GDP growth 9.0 Developing countries excl. China 8.0 Sub-Saharan Africa Sub-Saharan Africa excl. South Africa 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2005 2006 Source: World Bank 2007 2008 2009 2010 2011 2012 2013

6. Real GDP growth picked up in Sub-Saharan Africa in 2013 % Real GDP growth 9.0 Developing countries excl. China 8.0 Sub-Saharan Africa Sub-Saharan Africa excl. South Africa 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2005 2006 Source: World Bank 2007 2008 2009 2010 2011 2012 2013

7. Strong domestic demand was the main driver of growth % 7.0 Next exports Domestic demand Real GDP 6.0 5.0 4.0 3.0 2.0 1.0 0.0 -1.0 -2.0 2010 Source: World Bank 2011 2012 2013

8. Strong domestic demand was the main driver of growth % 7.0 Next exports Domestic demand Real GDP 6.0 5.0 4.0 3.0 2.0 1.0 0.0 -1.0 -2.0 2010 Source: World Bank 2011 2012 2013

9. Fiscal deficits deteriorated further in 2013 % Overall fiscal deficit as a share of GDP 4.0 3.0 2.0 1.0 2011 2012 2013e 0.0 -1.0 -2.0 -3.0 -4.0 -5.0 Sub-Saharan Africa Source: World Bank Oil importers Oil exporters

10. Fiscal deficits deteriorated further in 2013 % Overall fiscal deficit as a share of GDP 4.0 3.0 2.0 1.0 2011 2012 2013e 0.0 -1.0 -2.0 -3.0 -4.0 -5.0 Sub-Saharan Africa Source: World Bank Oil importers Oil exporters

11. Fiscal deficits deteriorated further in 2013 % Overall fiscal deficit as a share of GDP %, y/y 18 Annual headline inflation 4.0 16 3.0 14 2.0 1.0 2011 2012 12 2013e 10 0.0 8 -1.0 6 -2.0 4 -3.0 -4.0 2 -5.0 0 Sub-Saharan Africa Source: World Bank Oil importers Oil exporters Oil exportes Oil importers Sub-Saharan Africa Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13

12. However, reflecting lower food prices, inflation decelerated in 2013.

13. Robust domestic demand, relatively resilient FDI flows and slower pace of inflation are expected to continue to support growth in Sub-Saharan Africa in the medium term.

14. Regional GDP growth % 7.0 Real GDP growth, 2014-16 Sub-Saharan Africa Sub-Saharan Africa excl. South Africa 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2014 Source: World Bank 2015 2016

15. Regional GDP growth % 7.0 Real GDP growth, 2014-16 Sub-Saharan Africa Sub-Saharan Africa excl. South Africa 6.0 5.3% 5.0 4.0 3.0 2.0 1.0 0.0 2014 Source: World Bank 2015 2016

16. Regional GDP growth % 7.0 Real GDP growth, 2014-16 Sub-Saharan Africa 6.0 Sub-Saharan Africa excl. South Africa 5.4% 5.3% 5.0 4.0 3.0 2.0 1.0 0.0 2014 Source: World Bank 2015 2016

17. Regional GDP growth % 7.0 Real GDP growth, 2014-16 Sub-Saharan Africa 6.0 5.4% 5.3% Sub-Saharan Africa excl. South Africa 5.5% 5.0 4.0 3.0 2.0 1.0 0.0 2014 Source: World Bank 2015 2016

18. The region’s growth prospects are subject to important downside risks.

19. Risks and Vulnerabilities External risks • Protracted decline in commodity prices

20. Risks and Vulnerabilities External risks • Protracted decline in commodity prices • Effects from tightening of monetary conditions as U.S. Federal reserve begins to taper asset

21. Risks and Vulnerabilities External risks Domestic risks • Protracted decline in commodity prices • Second round effects from tightening of monetary conditions as U.S. Federal • Fiscal deficits reserve begins to taper asset

22. Risks and Vulnerabilities External risks Domestic risks • Protracted decline in commodity prices • Second round effects from tightening of monetary conditions as U.S. Federal • Fiscal deficits • Political unrest reserve begins to taper asset

23. Risks and Vulnerabilities External risks Domestic risks • Protracted decline in commodity prices • Second round effects from tightening of monetary conditions as U.S. Federal • Fiscal deficits • Political unrest • Adverse weather conditions reserve begins to taper asset

24. Global Economic Prospects January 2014 Sub-Saharan Africa Gerard Kambou World Bank January 2014 www.worldbank.org/globaloutlook

Sub-Saharan Africa Outlook, Jan 2014

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