Africa’s economy is expected to expand at an average rate of 3.8% in 2024 and 4.2% in 2025, the African Development Bank (AfDB) said in the latest Macroeconomic Performance and Outlook (MEO) report.
This growth will notably surpass the anticipated global averages of 2.9% and 3.2% for the same period, the bank said on its official website.
Africa’s projected growth across the two years will position the continent as the second-fastest growing continent, behind Asia.
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“The top 11 African countries projected to experience strong economic performance forecast are Niger (11.2 per cent), Senegal (8.2 per cent), Libya (7.9 per cent) and Rwanda (7.2 per cent).”
“Others are Côte d’Ivoire at 6.8 per cent, Ethiopia at 6.7 per cent, Benin at 6.4 per cent, Djibouti at 6.2 per cent, Tanzania at 6.1 per cent, Togo six per cent, and Uganda at six per cent” the report said.
According to Mr Akinwumi Adesina, AfDB’s president, “In spite of the challenging global and regional economic environment, 15 African countries have posted output expansions of more than five per cent.”
Mr Adesina called for larger pools of financing and several policy interventions to boost Africa’s growth further.
