February 9, 2025
AfDB Revises Africa’s Economic Growth Downward From 4.3% To 3.8% In 2024
News Today In the News

AfDB Revises Africa’s Economic Growth Downward From 4.3% To 3.8% In 2024

The African Development Bank (AfDB) has slashed down growth projection from 4.3% to 3.8% for the African economy in 2024 in its revised economic outlook for the period. 

The bank had earlier in May projected the African economy to grow by 4.0 Cortana% in 2023 and 4.3% in 2024. However, it now forecasts the African economy to expand by 3.4% in 2023 and 3.8% in 2024. Despite the downward revision, economic growth in Africa is still above the global average and that of any economic region except Asia.

READ ALSO: UN Climate Change Committee Sets Deadline For Countries’ Updated Action Documents

The bank explained that the downward forecast in GDP growth for the continent is predicated upon slow post-COVID-19 recovery, climate change shocks, political instability, weak global growth and high interest rates. It mentioned the recent spate of coups in Africa, the renewed Israel-Palestine conflict and the lingering Russia-Ukraine war as highlights of geopolitical risk stifling growth in the continent.

Leave feedback about this

News, Today In the News

News, Today In the News

News, Today In the News