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Africa’s GDP Shrunk to 3.1% in 2023, says AfDB

May 30, 2024
558 1 minute read
Africa’s GDP Shrunk to 3.1% in 2023, says AfDB
Africa Development Bank President Akinwumi A. Adesina addressing attendees at the AfDB AGM in Nairobi on May 29, 2024

Africa’s economic growth experienced a decline in 2023, as reported by the African Development Bank (AfDB) in its African Economic Outlook 2024.

The continent’s total output slipped to 3.1%, down from the previous year’s 4.1%, influenced by various factors compromising the post-pandemic recovery.

The Continental Challenges

The report highlighted persistent challenges including soaring food and energy prices, sluggish global demand impacting export performance, climate change effects on agriculture and power generation, and localized political unrest in some African nations.

“Despite these obstacles, the report showed that 15 countries managed to sustain growth rates of at least 5% in 2023,” read the report.

While economic powerhouses like South Africa, Egypt, and Nigeria recorded lower growth rates, over half of African countries saw an uptick in their economic performance in 2023 compared to the previous year.

Also Read: AfDB Receives $9.5 Million Grant From US For Smart Agriculture in Africa

D.R.C Among Best Performing Markets

Countries like Burkina Faso, Djibouti, Eswatini, Libya, the Democratic Republic of the Congo, and South Sudan exhibited impressive gross domestic product (GDP) growth rates exceeding 2%.

Kevin Chika Urama, the chief economist and vice president for the bank’s Economic Governance and Knowledge Management, said that despite the global challenges that tested economies worldwide, the African continent is projected to remain resilient.

The report projects a positive outlook, foreseeing Africa’s GDP growth to climb to 3.7% in 2024 and further to 4.3% in 2025 as the adverse impacts from the previous year dissipate.

The rebound will be steered by regions like East Africa, Southern Africa, and West Africa.

May 30, 2024
558 1 minute read
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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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