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