The African Development Bank (AfDB) Group indicated in its new report “Africa’s Macroeconomic Performance and Prospects”, unveiled on Thursday (January 19th) in Abidjan, that Africa’s economic growth is expected to outpace that of the rest of the world. world over the next two years, with real gross domestic product (GDP) averaging around 4% in 2023 and 2024.
This figure is higher than the expected global averages of 2.7% and 3.2%, the AfDB said in a statement reporting on the presentation of this report.
According to the report, the estimated average real GDP growth in Africa slowed to 3.8% in 2022, from 4.8% in 2021, amid major challenges following the Covid-19 shock and the invasion of Ukraine by Russia.
Despite this economic slowdown, the vast majority of countries in Africa have shown positive growth. The report shows, through a comprehensive analysis of regional growth, that the five regions of the continent remain resilient with stable medium-term prospects, despite facing significant headwinds from global socio-economic shocks.
However, the document of the financial institution has a reservation on this outlook given the current global and regional risks. These risks include soaring food and energy prices, tighter global financial conditions, and related increases in domestic debt servicing costs.
Climate change, with its adverse effects on food supplies and the potential risk of policy change in countries where elections will be held in 2023, poses equally formidable threats, says the report, which calls for the adoption of bold policy measures at the national, regional and global levels to help African economies mitigate these cumulative risks.
The AfDB informs that its “Macroeconomic Performance and Prospects” report will be published in the first and third quarters of each year. It complements the Bank’s annual African Economic Outlook report, which focuses on key emerging policy themes that are relevant to the continent’s development.
By OMA Newsletter N° 1018 of 01/23/2023
Article published under the direction of Dr. Najib Kettani
The OMA, NGO with an Intercontinental vocation
For the development of cultural exchanges
Valuing human potential
The promotion and consolidation of Africa’s development, and
Inter-African integration
