Home » Africa: AfDB Macroeconomic Outlook, continental growth close to 4% for 2024

Africa: AfDB Macroeconomic Outlook, continental growth close to 4% for 2024

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Despite the confluence of shocks, the resilience of the continent’s economies remains strong, with positive growth expected for all five regions of the continent. This is what the Macroeconomic Performance and Outlook (Meo) of the African Development Bank (AfDB) puts in black and white.

East Africa will continue to lead Africa’s pace of expansion, with growth forecast at 5.1% in 2024 and 5.7% in 2025, supported by strong strategic investments to improve internal connectivity and deepen intra-trade -regional.

In North Africa, adverse weather conditions and macroeconomic challenges will keep the region’s growth stable at 3.9% in 2024 with a slight improvement to 4.1% in 2025.

For Central Africa, growth is forecast to be 3.5% in 2024 but the expected recovery in private consumption and increased mining investment and exports could help push growth to 4.1% in 2025.

In Southern Africa, growth will remain slow at 2.2% in 2024 and 2.6% in 2025. This pace reflects continued economic weakness in South Africa, the region’s largest economy.

In West Africa, growth is expected to increase to 4% in 2024 and 4.4% in 2025. Strong growth in most countries in the region will partly offset slowdowns in Nigeria and Ghana. However, the announced withdrawal of Burkina Faso, Mali and Niger from the Economic Community of West African States (ECOWAS) casts a shadow on sustainability and increases the degree of uncertainty.

Finally, according to the AfDB document, eleven of the twenty fastest growing economies in the world in 2024 will be African, while Africa will continue to be the second fastest growing region in the world after Asia. Overall, the report forecasts that real gross domestic product (GDP) growth for the continent will average 3.8% in 2024 and 4.2% in 2025. Data above the global average which should reach +2 .9% in 2024 and +3.2% in 2025. The 11 most dynamic African nations according to AfDB will be: Niger (11.2%), Senegal (8.2%), Libya (7.9%) , Rwanda (7.2%), Ivory Coast (6.8%), Ethiopia (6.7%), Benin (6.4%), Djibouti (6.2%), Tanzania (6.1%), Togo (6%) and Uganda at 6%. [Da Redazione InfoAfrica]

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