The latest African Development Bank Group’s African Economic Outlook predicts that 41 African countries will experience stronger growth rates in 2024 compared to 2023.
This projection positions Africa as the second fastest-growing region in the world, after developing Asia. The report highlights the continent’s resilience in the face of global economic challenges.
According to Dr. Akinwumi Adesina, President of the African Development Bank, Africa’s future is promising, but it requires addressing issues such as governance, transparency, accountability, and climate change. He also emphasizes the importance of investing in young people and their entrepreneurial skills.
However, the report cautions that Africa is off track to meet the Sustainable Development Goals by 2030. It warns that without corrective action, Africa could be home to 87% of the world’s extreme poor by 2030.
The African Economic Outlook projects an average growth rate of 3.7% in 2024 and 4.3% in 2025 for Africa as a whole, surpassing pre-2023 levels. East Africa is expected to be the fastest-growing region, followed by moderate to robust growth in other regions.
To support Africa’s growth, the report proposes bold reforms to the global financial architecture, including giving Africa a greater voice in multilateral development banks and international financial institutions. It also advocates for leveraging private sector financing, streamlining the global climate finance architecture, and enhancing domestic resource mobilization.
Overall, the African Economic Outlook report provides crucial evidence and analysis for African policymakers, empowering them to make informed decisions for the continent’s economic transformation.
