Africa's GDP growth is higher than the projected world averages– Akinwumi Adesina

Dr. Akinwumi Adesina, president of the African Development Bank (AfDB), claims that the bank forecasts a 4% increase in Africa's Gross Domestic Product (GDP) between 2023 and 2024.

Adesina made the discovery on Thursday in Abidjan, Côte d'Ivoire, during the virtually inaugurated first edition of 2023 Africa's Macroeconomic Performance and Outlook.

This, he claimed, was greater than the corresponding global norms of 2.7% and 3.2%.

He added that according to the bank's projections, Africa's average real GDP growth slowed to 3.8% in 2022.

“In spite of the challenging external environment, Africa has demonstrated continued resilience with all but one country maintaining positive growth in 2022 and with outlooks stable for 2023 and 2024.

“Africa’s GDP growth is projected to average about four per cent in 2023 and 2024, higher than the projected world averages of 2.7 per cent and 3.2 per cent respectively.”

The top five performing African nations, according to the AfDB president, are expected to increase by more than 5.5%.

“The top five performing African countries before the COVID-19 pandemic are projected to grow by more than 5.5 per cent and could reclaim their position among the world’s top 10 fastest growing economies in 2023 to 2024.”

These nations have a combined GDP of 12.9% for Libya, 9.6% for Niger, 9.4% for Senegal, 7.9% for Rwanda, and 7.1% for Côte d'Ivoire.

Adesina asserted that the stability of the predicted medium-term growth in Africa was largely due to the favorable effects of the region's supportive policies.

A sustained growth in Asia, one of Africa's biggest trading partners, and global attempts to lessen the effects of outside shocks and increased uncertainty, he added, also reflect this.

Additionally, he noted that the economic resilience and welcome revival of African economies should be seen with cautious optimism.

The 2023 edition of Africa's Macroeconomic Performance and Outlook, he added, recognizes the difficulties African economies confront in navigating the many global uncertainties.

Source