The Cape Verdean economy should grow 3.6% this year according to an analysis by the International Monetary Fund (IMF) estimating GDP growth of around 4% in 2017.
Among the African Countries with Portuguese as an Official Language (PALOP) growth is expected to average 1.3%, a figure that reflects the strong recession underway in Equatorial Guinea.
According to the October 2016 edition of the Regional Economic Outlook for sub-Saharan Africa, released in Washington by the IMF, the average of the six other economies of Portuguese-speaking countries in Africa would reach almost 3%, even with Angola narrowly escaping economic downturn.
Guinea-Bissau, with an economic expansion of 4.8%, will be the Portuguese-speaking country in Africa to register the highest growth, closely followed by Mozambique, with 4.5% growth in 2016, the lowest this century.
Sao Tome and Principe rounds off the Portuguese-speaking countries that are growing, with Angola experiencing economic stagnation and Equatorial Guinea sinking into a recession that the IMF estimates will reach 9.9% this year, and another 5.8% next year.
Average growth for all of the 55 countries in sub-Saharan Africa this year is expected to be the lowest rate in 20 years, according to the IMF, which forecasts economic growth of just 1.4% due to the external climate and the slow response of the countries. (macauhub)