World Bank warns of economic slump if SSA doesn't cut trade costs
A vegetable trader at an open-air market in Mombasa, Kenya. Sub-Saharan Africa has the highest trade costs for agricultural products, which costed as much as 250 percent of actual tariff rates to trade. PHOTO | KEVIN ODIT | NMG
Business and Technology Reporter in Nairobi, Kenya
Nation Media Group
Sub-Saharan Africa (SSA) will need to cut trade costs by at least half to reinvigorate global trade which has been in decline since mid-last year, the World Bank has warned.
The lender said world economy growth rate is set to slump to a three-decade low if nothing is done urgently to boost productivity, labour supply, ramp up investment and trade, and harness the services sector.
