Ethiopian Business Review

Budget deficits remain a big worry for governments in the sub-Saharan Africa region. They have continued to widen, reaching a regional average of -5.6Pct of the gross domestic product (GDP) in the past year from -4.5Pct in 2016. Such developments have been attributed to the growth in disparity between government revenue and expenditure. Even the implementation of the budget cut policies by a few countries did not halt the pressure on revenues that failed to be balanced by expenditure cuts. In fact, soaring fiscal gaps have been the major contributor to rising debt levels in sub-Saharan Africa.

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Africa’s economy has been off to a good start in 2018, according to  the World Economic Outlook published by the International Monetary Fund (IMF) on April 17, 2018. The IMF released the national accounts figures of African countries with revisions that indicated more positive momentum. The economic growth of Africa, which was projected to reach 3.1Pct in 2018, was observed after a slow down in recent years, as the report states. 

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Although travel and tourism competitiveness is underdeveloped in Sub-Saharan Africa, the performance of Eastern African countries has been the most improved among the sub regions of the continent, according to the Travel and Tourism Competitiveness Report published by the World Economic Forum. Neighboring countries such as Kenya, Tanzania, Rwanda and Uganda were among Sub-Saharan countries that made it to the top ten list.  Mozambique, which rose eight places to 122nd, was the most improved nation in Sub-Saharan Africa. 

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