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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. 

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