Growth in Sub-Saharan Africa is proving resilient in the face of the energy shock and tighter global financial conditions. We’re more optimistic than the consensus on growth in much of the region, including Nigeria, Ghana and, from next year, South Africa. Vulnerabilities are concentrated in economies such as Kenya, Ethiopia and Mozambique, where the energy shock is exacerbating existing fiscal and external pressures. Currency pressures could intensify, while debt distress risks remain elevated.
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