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In April 2019, the International Monetary FundIn April 2019, the International Monetary Fund(IMF) projected that the global economy will growat 3.3% in 2019 and 3.6 % in 2020. This forecastfor 2019 and 2020 could be revised downwardin the next months if the negative effects ofinterest raising, trade war and Brexit materialize.The African economy will continue to grow at 3.6%in 2019 and 3.8% in 2020 as projected by theIMF in April 2019. Sub-Saharan Africa isexpected to grow at 3.3% in 2018 and 3.5% by2020. These projections depend largely on thespeed of recovery of the economies of Nigeria,Egypt, Morocco, South Africa and the evolutionof oil prices. Political instability in Algeria andSudan will weigh in as well.The Corporation expects continuous double digitgrowth of premium income on the Africancontinent in local currency terms in the years tocome due to various factors, including economicexpansion and population growth. However, thisgrowth rather depends more on the strength ofthe original currencies against the US dollar, thepresentation currency.Premium income growth will be mild in 2019 dueto the deterioration of some accounts in ourbusiness portfolio which necessitate somecleaning. This will be the result of efforts to cleanloss-making businesses in some markets.Underwriting prudence is necessary in times ofnarrowing underwriting margins, volatility andincreasing frequency and severity of catastropheevents.