* Sub-Saharan Africa better able to withstand external shocks
* So far, impact of global financial market turbulence on the region has been limited
* But lower global growth, higher oil prices, and ongoing conflicts would lower growth in 2008
The economic expansion looks set to continue in sub-Saharan Africa, although the slowing of the global economy could threaten the outlook in some countries.
Policymakers face the challenge of preserving hard-won macroeconomic stability while determining their next steps on the basis of their inflation risks, external position, and state of public finances.
Sub-Saharan Africa grew at a healthy pace in 2007, and the region is now enjoying its highest growth rates in decades (see Chart 1). Real GDP expanded by about 6½ percent, fueled by growing oil production, and rising domestic investment and productivity.
See full Press Release.
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