Projections show that Africa’s real gross domestic product will stabilize at 4% over 2023–24, then grow at consistently higher rates than other regions.
In the inaugural release of a report dubbed ‘Africa’s Macroeconomic Performance and Outlook’ released on Jan.19, the African Development Bank Group reported that “growth across all five African regions was positive in 2022 and the outlook for 2023–24 is projected to be stable.”
The projections are higher than expected global figures (2.7% and 3.2% respectively) for the same period.
Africa’s top five performing economies before the covid-19 pandemic are expected to grow by over 5.5% on average in 2023-2024 and reclaim their position among the world’s ten fastest-growing economies.
Those include Rwanda, which is projected to grow by 7.9%, Côte d’Ivoire by 7.1%, Benin by 6.4%, Ethiopia by 6.0%, and Tanzania by 5.6%.
*The views of the above article are those of the author and do not necessarily reflect the views of Africa Speaks 4 Africa or its editorial team.