The IMF is predicting sub-Saharan Africa’s economy will expand by 3.7% this year and 4% next year and warns that the impact of Russia’s invasion of Ukraine and the global shock to oil and food prices is affecting the region, which is recovering from the after-effects of the COVD-19 pandemic and US interest rate rises.
Nearly three-quarters (74%) expect GDP growth in the region to be 4%-plus this year with one in five (21%) predicting 4.3% or higher. For 2023, 90% expect GDP growth to beat the IMF forecast of 4% with more than two out of five (43%) predicting 4.5% growth or higher.
The research highlights the importance to VC and private equity executives of improvements to internet connectivity in driving economic growth – around 57% say it is extremely important while 29% believe it is important. Around 12% say it is important along with other factors, while just 1% say it is not very important to economic development. But World Mobile warns innovation could be held back if businesses do not recognise the importance of internet connectivity.
World Mobile’s innovative solutions
World Mobile is one of the major innovators revolutionising internet connectivity in Africa and is already working with the government in Zanzibar. Its innovative solution includes launching a unique hybrid mobile network delivering connectivity supported by aerostats backed up with a range of technologies including mesh networking, hybrid spectrum, renewable energy, and blockchain.
It plans to expand the network throughout the continent and is in discussions with government officials in Tanzania and Kenya, as well as other territories underserviced by traditional mobile operators.
