Guinea Bissau’s economic growth is lowest in sub-Saharan Africa

4 December 2012

The political situation in Guinea Bissau has set back the country’s economy this year, driving it into last place amongst sub-Saharan African countries in terms of economic growth, an International Monetary Fund (IMF) official said recently.

The director of the IMF’s Africa department, Antoinette Sayeh, said that after posting string growth in 2011, with the gross domestic product growing 5.3 percent, the Guinea Bissau economy had suffered a setback due to a downturn in sales of cashew nuts and the country’s political situation since the coup d’etat on 12 April.

According to Sayeh, the political situation has affected the country’s fiscal performance, despite a return to economic growth being possible when cashew exports returning to normal. In relation to the rest of sub-Saharan Africa, Sayeh said that despite a world economic recession, performance “is vigorous” and some countries have good growth outlooks, of 5 percent or more in some cases for 2012 and 2013. (macauhub)