The January 2015 update of the IMF’s World Economic Outlook (WEO) projects global growth to pick up to 3.5 percent in 2015 and further to 3.7 percent in 2016, from 3.3 percent in 2014.
Sub-Saharan African growth declined from 5.2 percent in 2013 to 4.8 percent in 2014 on account of subdued global demand, soft commodity prices, weak foreign direct investment (FDI) and infrastructure constraints.
Global financial markets remain relatively stable, but risks in the outlook include, but not limited to the potential for prolonged global output weakness and Fed’s likely interest rate hikes.
The domestic banking sector continues to be sound and solvent. All performance indicators showed remarkable improvement except management efficiency indicators which worsened on account of high staff cost.