According to a recent report from the African Development Bank (AfDB), Africa will top the list of the 20 fastest-growing economies in 2024

The report on the continent's performance and macroeconomic outlook projects that Africa's real gross domestic product (GDP) will average 3.8% in 2024 and 4.2% in 2025, surpassing projected global averages of 2.9% and 3.2%, respectively. Thus, Africa is expected to maintain its status as the second fastest-growing region, after Asia

Booming African economies

The report indicates that eleven African countries will be among the top economic performers in 2024. Among them, Niger has an impressive growth forecast of 11.2%, followed by Senegal (8.2%), Libya (7.9%), and Rwanda (7.2%). Other countries such as Ivory Coast, Ethiopia, Benin, Djibouti, Tanzania, Togo, and Uganda also show growth forecasts exceeding 6%.

Challenges and opportunities for Africa

Despite a challenging global and regional economic context, the AfDB highlights that 15 African countries have managed to achieve production growth exceeding 5%. Dr. Akinwumi Adesina, president of the AfDB Group, has called for the creation of larger financing funds and various policy interventions to further stimulate Africa's economic growth.

Context of the MEO report

This semiannual report, which complements the Economic Outlook for Africa, provides an updated assessment of the continent's economic performance, considering current global trends. Despite cautious optimism, the report warns about potential risks, such as geopolitical tensions, increased regional conflicts, and political instability, which could affect trade and investment in Africa.

Article source:africanews