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African business leaders predict growth to trend higher than expected - study

Business Report logo Business Report 2022/06/22 BR Reporter
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African business leaders are confident Sub-Saharan Africa will beat International Monetary Fund (IMF) forecasts for gross domestic product (GDP) growth this year and next, new research from blockchain-based mobile network operator World Mobile shows.

The IMF is predicting real GDP growth of 3.8 percent this year, rising to 4 percent next year. However, the study with African business leaders found almost all were more confident about growth.

Nearly 88 percent predicted GDP growth this year would be 4 percent or higher, while 60 percent expect GDP growth to be 4.3 percent or more in 2023.

World Mobile’s study surveyed senior executives at companies with combined annual revenues of $6.75 billion (R108bn) based in Tanzania, Angola, Botswana, Cameroon, Ethiopia, Ghana, Nigeria and South Africa.

This as the senior business executives believe improving internet connectivity is vital to continuing economic growth in Sub-Saharan Africa, where around 28 percent of the population are connected to the internet.

Around 27 percent of executives said it was important to boosting growth, while nearly two-thirds (65 percent) said its role in boosting economic growth would increase over the next three years as societies become more digital and technology focused.

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