African Development Bank Expects Continent's Growth Rate to Stabilize at around 4%

In its report "Africa's Macroeconomic Performance and Prospects for 2023," the African Development Bank stated that the continent's growth prospects in the medium term are subject to adverse challenges.

These challenges include a sharp slowdown in the global economy, persistent inflation, tightening global financial conditions, and the high cost of capital. , the depreciation of the national currency, the decline in financial flows, the continuation of climate-related losses and damages, geopolitical tensions, and the further escalation of the Russian-Ukrainian conflict.

The "Ecofin" International Agency for Economic Studies said that, according to the African Development Bank report, the average economic growth rate in Africa is expected to stabilize at about 4 percent between 2023 and 2024, exceeding global averages of 2.7 percent and 3.2 percent expected in the same years.

The African Development Bank stated that the continent's gross domestic product should record an average growth rate of 4% this year and 3.9% in 2024, compared to 3.8% in 2022.