Eleven of the world’s 20 fastest-growing economies will be in Africa by 2024, according to the African Development Bank Group’s (AfDB) 2018 Macroeconomic Performance and Outlook of the continent, which was released on Friday.
In 2024 and 2025, respectively, real gross domestic product (GDP) growth across the continent is predicted to average 3.8% and 4.2%.
According to the research, this is greater than the estimated global averages of 2.9% and 3.2%.
After Asia, the continent is expected to continue increasing at the second-fastest rate.
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%) are the top 11 African nations predicted to have excellent economic performance forecasts.
Akinwumi Adesina, president of the AfDB, stated, “15 African countries have posted output expansions of more than 5% despite the challenging global and regional economic environment.” He called for larger financing pools and a number of policy initiatives to further promote Africa’s growth.
Every year, in the midst of dynamic global economic developments, Africa’s Macroeconomic Performance and perspective is released in the first and third quarters. It offers an evaluation of the continent’s recent macroeconomic performance as well as a short-to medium-term perspective.
The most recent report urges cautious optimism in light of the difficulties presented by regional and global dangers.
These risks include political instability, escalating geopolitical tensions, and an increase in regional wars; all of these could impede trade and investment flows and exacerbate inflationary pressures.
President Adesina emphasized that the faster-than-anticipated recovery from the epidemic has helped shore up revenue, which has improved the budgetary shortfalls.
He issued a warning, saying that as long as the world economy remains unstable, the financial standing of the African continent will remain susceptible to shocks from around the world.
The analysis demonstrates that the five regions of the continent have gradually improved medium-term growth prospects.
