ECONOMIC OUTLOOK

Development Bank forecasts stronger growth for Africa in 2024

By our African Marketing Confederation News Team | 2024

Continent set to outpace projected global average and be the second-fastest-growing region after Asia, says macro–economic report.

Africa will account for 11 of the world’s 20 fastest-growing economies in 2024, the African Development Bank Group said in its latest Macroeconomic Performance and Outlook of the continent.

East Africa will lead Africa’s growth momentum. Photo: Ninara, Wikipedia

Overall, real gross domestic product (GDP) growth for the continent is expected to average 3.8% in 2024 and 4.2% in 2025. This is higher than projected global averages of 2.9% and 3.2%, the report said.

Africa is set to remain the second-fastest-growing region after Asia.

The top 11 African countries projected to experience strong economic performance forecast 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 at 6%.

“Despite the challenging global and regional economic environment, 15 African countries have posted output expansions of more than 5%,” Bank Group President, Dr Akinwumi Adesina said.

The latest report is calling for cautious optimism given the challenges posed by global and regional risks. These risks include rising geopolitical tensions, increased regional conflicts, and political instability – all of which could disrupt economic performance and continue inflationary pressures.

Overview of economic outlook across regions

The African Development Bank Group says the resilience of the continent’s economies remains strong, with positive growth projected for the five regions.

East Africa: East Africa will continue to lead Africa’s growth momentum, with growth projected to rise to 5.1% in 2024 and 5.7% in 2025, supported by strong strategic investments to improve internal connectivity and deepen intra-regional trade.

North Africa: Successive adverse weather conditions and macro-economic challenges will hold the region’s growth steady at 3.9% in 2024 with a slight improvement to 4.1% in 2025.

Central Africa: Growth is forecast to moderate to 3.5% in 2024, but projected recovery in private consumption and increases in mining investment and exports could help push growth to 4.1% in 2025.

Southern Africa: Growth will remain sluggish at 2.2 and 2.6% in 2024 and 2025, respectively. This reflects continued economic weakness in South Africa, the region’s largest economy.

West Africa: Growth is projected to pick up to 4 and 4.4% in 2024 and 2025 respectively. Strong growth in most countries in the region is projected to offset slowdowns in Nigeria and Ghana. The announced withdrawal of Burkina Faso, Mali, and Niger from the Economic Community of West African States (ECOWAS) casts a shadow over the sustainability of gains amid growing uncertainty.

You can find out more about the macro-economic report here.

A passenger jet at a gate viewed from the nose with a sunset sky and dark clouds in the background

Airline body urges African governments to act on opening market access

‘Strategies don’t move people. Now it is time to make the difficult decisions and execute them,’ senior executive stresses.

Two hockey players battle for the puck along the boards during a game one in blue and one in white

Uganda Tourism Board partners with major European ice hockey league

UTB says its ambition is to turn the visibility into interest, bookings and more visitors choosing to explore Uganda.

Two young women sit together looking at a tablet one in an orange sweater holds a bottle while the other in a pink hoodie eyes the screen

Researchers explain why 10-second micro ads outperform longer spots

Short ads shown on TV increased website visits within five minutes of airing by 10-40% compared with longer advertisements.

Worker on a ladder painting the yellow storefront of a corner shop labeled supeco and label vie with shoppers and parked vehicles nearby

Competition continues to grow in the Moroccan supermarket sector

Supeco’s rapid expansion shows how the discount model is becoming a bigger part of grocery retail in the North African country.

Gold hotel toiletries sachets arranged on a marble bathroom counter including a vanity kit and shower gel beside a glass

Study identifies harmful paradox behind well-meaning green efforts

Consumers reward visible eco-friendly additions such as reusable bottles, but give little credit to businesses that reduce or remove products.

Medical professional in a white coat and pink hairnet demonstrates handwashing at a stainless steel station while soldiers watch nearby

President Mahama commissions expanded evaporated milk facility in Ghana

Nestlé believes Ghana will continue to play a leading role in the future of Central and West Africa.

Diverse group of people posing for a group photo in a bright lobby under an empa banner with 'this is possibility ' text above

Momentum beginning to build for 2027 ACCS gathering in Addis Ababa

Ethiopia’s marketers gather to celebrate hosting next year’s conference – but with an eye on the hard work ahead.

Young woman with curly hair smiling while looking at her phone outdoors wearing earphones

PwC report examines the future of African entertainment and media

Tech is creating more ways for audiences to connect, but lasting value will come from understanding the people behind those connections.

Four professionals in blue protective coats and hairnets cut a blue ribbon during a factory ceremony celebrating a ribbon cutting event

Unilever investment expands its Vaseline production capacity in Africa

The new production line at the historic Maydon Wharf facility in Durban will address growing international demand.

Group of formally dressed award winners posing on stage with trophies at the world cruise awards ceremony

World MICE Awards in Jamaica honour best African and global achievers

Tanzania, Kenya, Zimbabwe, Ethiopia and South Africa all feature in the African meetings, incentives, conferences and exhibitions awards.

Five adults in a rural village square talk holding notebooks and papers as they discuss together at sunset

AI won’t replace market research. But it will expose weak strategy

Much of the broader conversation around AI in market research assumes conditions that do not consistently exist across many African markets, writes Soyinka Witness.