Most SSA markets will deliver growth in 2023 despite global headwinds. Private sector activity in certain industries—notably extractives, ICT, financial services, and healthcare—will drive expansions and offer promising opportunities for multinationals. These trends will be pronounced in smaller and mid-sized economies in East and West Africa, as well as in markets that will enjoy improving economic performance, such as Angola, Congo (DRC), Tanzania, and Zambia.

However, executives should anticipate significant divergence in demand and customer behavior between countries, industries, and customer segments. Across SSA, fragile government finances will drag on public sector demand, and lower-income households will progressively trade down because of rising inflation. Meanwhile, the region’s largest markets of Nigeria and South Africa will underperform by regional standards because of deep-rooted structural economic deficiencies and rising political volatility. Additionally, multinationals face heightened SSA currency volatility and shortages, and chronic global and local route-to-market disruptions.

To succeed in 2023, you should consider:

•             Focusing on resilient industries and customer segments.

•             Reviewing price strategies in tandem with product portfolios.

•             Raising brand awareness through marketing and promotions.

Download an Executive Summary of the SSA Outlook for 2023

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