Commodity exporting countries have a more positive outlook, helped by better terms of trade prospects. Trade credit insurance company Allianz Trade forecasts gross domestic product (GDP) of 2.7% for Africa for 2023, compared with 3.2% this year. It also expects South Africa’s GDP to drop to 1.5% in 2023, from 1.8% in 2022, while Nigeria’s GDP grow is expected to remain unchanged at 2.3%, and Ghana’s at 2.5%.
