African economic expansion slows but recovery expected in 2024

Posted on February 26, 2024   |  

Africa's economy grew by 3.2% in 2023, lower than the 4.1% in 2022.

Despite the slowdown, the African Development Bank (AfDB) expects most regions to rebound in 2024, except for Central Africa.

In 2023, 15 African countries, including Ethiopia, Ivory Coast, the Democratic Republic of Congo, Mauritius, and Rwanda, saw growth rates above 5%.

The AfDB forecasts growth increases for all regions except Central Africa in 2024, with East Africa leading at 5.7% and Southern Africa at 2.2%.

South Africa's growth is predicted at 1.1% in 2024, slightly up from 0.8% in 2023, despite upcoming elections.

Nigeria is expected to grow by 2.9% in 2024, up from 2.5% in 2023, though inflation is rising due to currency devaluation.

Egypt's growth is projected to decline to 3.7% in 2024, from 4% in 2023, due to high inflation and foreign exchange shortages.