The African Development Bank (AfDB) has revised its 2024 economic growth forecast for Africa to 4.2 percent – up from 3.8 percent.
The African Development Bank has reviewed its 2024 economic growth forecast for Nigeria and other West African countries to 4.2 percent.The projections are contained in the lender’s latest ‘African Economic Outlook’ report for 2024, published on Thursday.The report also showed that Africa’s economic growth rate was downwardly reviewed from 3.8 percent to 3.7 percent in 2024; while the projection for 2025 was raised from 4.2 percent to 4.3 percent.
“This is an upgrade of 0.3 percentage points for 2024 over the January Macro Economic Outlook projections, reflecting stronger growth upgrades in the region’s large economies .”Kevin Urama, vice-president and chief economist at AfDB, said African economies have continued to remain resilient amid multiple shocks, as their average growth was projected to stabilise at 4 percent in 2024 and 2025, against 3.1 percent estimated in 2023.
Urama attributed the decline to various factors, including persistent high food and energy prices, reflecting the sustained impacts of Russia’s invasion of Ukraine. “This is as most of the effects of the above factors weighing on growth in 2023 fades away,” he said.
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