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In its latest Macroeconomic Performance and Outlook (MEO) report, the African Development Bank (AfDB) Group revealed that Africa is expected to host eleven of the world’s 20 fastest-growing economies in 2024.
In its latest Macroeconomic Performance and Outlook (MEO) report, the African Development Bank (AfDB) Group revealed that Africa is expected to host eleven of the world’s 20 fastest-growing economies in 2024. The continent’s GDP is forecasted to average 3.8% in 2024 and 4.2% in 2025, outpacing the projected global averages of 2.9% and 3.2%, respectively. Africa is positioned to maintain its status as the second-fastest-growing region globally, following Asia.
The 11 fastest-growing economies in Africa for 2024, along with their projected growth rates, are Niger (11.2%), Senegal (8.2%), Libya (7.9%), Rwanda (7.2%), Cote d’Ivoire (6.8%), Ethiopia (6.7%), Benin (6.4%), Djibouti (6.2%), Tanzania (6.1%), Togo (6%), and Uganda (6%).
Across the five regions in Africa, the bank projected East Africa to experience the fastest economic growth in 2024 at 5.1%, followed by West Africa at 4.0%. Conversely, North and Central Africa are expected to grow at 3.9% and 3.5%, respectively, while Southern Africa will see the weakest growth at 2.2% in 2024.
Read Also:
https://trendsnafrica.com/five-economies-in-africa-to-go-faster-this-year-imf-report/
https://trendsnafrica.com/ethiopias-economic-growth-pegged-at-7-5/
While the report paints a positive outlook for Africa, the continent still grapples with several risks, including inflation, currency depreciation, elevated debt levels, and political instability, particularly with the rise of coups across the Sahel. Inflation remains a concern for Africa’s population due to monetary policy tightening across Europe and the United States, as well as geopolitical tensions in Europe and the Middle East, leading to disruptions in the supply chains of energy and agricultural products.
