In 2019, the world economy slowed to 2.9% growth compared to 3.6% in 2018. This slowdown was due, among others, to trade tensions between the United States and China. The effects were felt in all parts or economic groupings of the world, with exception of sub-Saharan Africa.
Indeed, in the advanced countries, growth stood at 1.7% in 2019 as against 2.2% in 2018, mostly as a result of slower growth in the euro countries (1.2% in 2019 compared to 1.9% in 2018) and in the United States (2.3% in 2019 as against 2.9% in 2018).
In the emerging and developing economies, growth was estimated at 3.7% in 2019 as against 4.5% in 2018. In China, it declined from 6.6% in 2018 to 6.1% in 2019, on account of regulatory measures aimed at curbing public debt and trade tensions with the United States.
However, in sub-Saharan Africa, economic growth edged up to 3.3% in 2019 compared to 3.2% in 2018. This slight increase is the result of improved economic situation in Nigeria (2.3% in 2019 as against 1.9% in 2018) in relation to the rebound in oil production and prices, but mitigated by the decline in business in South Africa (0.4% in 2019 compared to 0.8% in 2018), mainly due to strikes and power supply problems in the mining sector, coupled with low agricultural production.”