Document - Excerpted from the executive summary of 'Light on the Horizon?', the International Monetary Fund's October 2023 Regional Economic Outlook for Sub-Saharan Africa:
2023 has been a difficult year for activity in sub-Saharan African economies. The inflationary shock following Russia's war in Ukraine has prompted higher interest rates worldwide, which has meant slowing international demand, elevated spreads, and ongoing exchange rate pressures. As a result, growth in 2023 is expected to fall for the second year in a row to 3.3 percent from 4.0 percent last year.
But the rebound is not guaranteed. A slowdown in reform efforts, a rise in political instability within the region, or external downside risks could undermine growth. Moreover, four clouds are on the horizon which require determined policy action in the face of difficult tradeoffs:
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