African economies are projected to experience stronger growth rates in 2024, with 41 countries expected to perform better than in 2023, according to the African Development Bank Group’s latest African Economic Outlook. Apexnewsgh reports
The report, launched at the Bank’s Annual Meetings in Nairobi, describes Africa’s growth potential as “remarkable” and predicts the continent will retain its position as the second-fastest growing region after developing Asia in 2024 and 2025.
Despite challenges, Africa’s average growth is expected to rebound to 3.7% in 2024 and 4.3% in 2025, exceeding the projected global average of 3.2%. Seventeen African economies are projected to grow by more than 5% in 2024, increasing to 24 in 2025. East Africa is expected to lead as the fastest-growing region, with real GDP growth rising from 1.5% in 2023 to 4.9% in 2024 and 5.7% in 2025.
The report highlights the need for strategic policies and political commitment to effectively utilize resource wealth for domestic revenue generation. It also emphasizes the importance of investing in productive infrastructure, including hard infrastructure like roads and railways, and soft infrastructure like knowledge and institutional governance capacity.
However, the report warns that Africa is off track to meet almost all of the Sustainable Development Goals by 2030, with corrective action needed to reverse the steepening poverty curve. Unless addressed, Africa will be home to almost 9 out of 10 (or 87%) of the world’s extreme poor by 2030.
The African Economic Outlook makes bold proposals to reform the global financial architecture, including giving Africa a greater voice in multilateral development banks and international financial institutions, reflecting its growing share of global GDP and rich natural resources.
The report advocates for leveraging private sector financing, simplifying the global climate finance architecture, reforming multilateral development banks, streamlining debt resolution mechanisms, and enhancing domestic resource mobilization.
African Development Bank President Dr. Akinwumi Adesina emphasized the need to tackle governance, transparency, accountability, and management of natural capital, as well as investing in young people’s skills, talents, entrepreneurship, and providing them with tools.
The report provides timely evidence and analysis crucial for African policymakers, empowering them to make informed decisions.
Source: Apexnewsgh.com
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