In its most recent Macroeconomic Performance and Outlook (MEO) report, the African Development Bank (AfDB) Group revealed that in 2024, eleven of the globe’s 20 fastest-expanding economies will be situated in Africa.
The continent’s actual gross domestic product (GDP) growth is anticipated to reach an average of 3.8% in 2024 and 4.2% in 2025, surpassing the predicted worldwide averages of 2.9% and 3.2%, respectively.
Africa stands ready to uphold its status as the second most rapidly advancing region, following Asia.
The 11 fastest-growing economies and their projected growth rate for 2024 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 – 6%.
Addressing the report, Dr. Akinwunmi Adesina, President of the African Development Bank (AFDB), emphasized the need for increased financing, buoyed by the optimistic forecast.
He highlighted that 15 African nations have already achieved growth rates surpassing 5%.
He stated, “Despite the challenging global and regional economic environment, 15 African countries have posted output expansions of more than 5%,”
In Africa’s five regions, the bank forecasts East Africa to lead in economic growth for 2024, with a projected rate of 5.1%, followed by West Africa at 4.0%. Conversely, North and Central Africa are anticipated to grow at 3.9% and 3.5% respectively, while Southern Africa is poised for the slowest growth at 2.2% in 2024. #AfDB
