MINISTRY OF FINANCE PLANNING AND ECONOMIC DEVELOPMENT Quarter 1 Macroeconomic Report FY2017/18

The Global economy experienced a recovery towards the end of 2017 and is now expected to grow at 3.7 percent in 2017 and continue strengthening to 3.8 in 2018 compared to 3.2 percent in 2016. Significant recovery in the euro area, Japan, emerging Asia, emerging Europe, and Russia more than offset downward revisions for the United States and the United Kingdom. The stronger recovery in economic activity is supported by growth in investment, trade and industrial production as well as business and consumer confidence. However; it is worth noting that whereas the short-term outlook on global growth is strong, the medium-term outlook is a rather cautious one as growth and inflation in many countries remain below expected targets. Additionally; in Sub-Saharan Africa, economic growth has been slowed down by country specific factors in the region’s largest economies as well as slow implementation of policy adjustments. Furthermore, fuel exporting countries continue to adjust to significant losses in foreign earnings

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