Recovery stuck in low gear

Sub-Saharan Africa will record a pick-up in growth over the coming years, helped by an improving external environment reducing the threat of further large currency falls as well as sovereign defaults. Monetary and fiscal policy will generally remain tight in most countries and, as a result, our growth forecasts generally lie below the consensus. That said, there’s a risk of slippage on austerity plans ahead of elections that could cause public debt fears to build in the likes of South Africa.