Sub-Saharan Africa faces severe slump, IMF warns

The International Monetary Fund warned on Tuesday that economies in sub-Saharan Africa were facing a "severe downturn" and called for a strong public-policy response both domestically and internationally.

The Fund revised its growth forecast for sub-Saharan Africa to 1.5% in 2009 from the 3.25% estimate predicted in March. It said growth will recover to just below 4%, which would still below pre-crisis levels, in 2010. In the past three years, growth in sub-Saharan Africa averaged 6%.

The credi

To continue reading...