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Economic Growth in Sub-Saharan Africa to Reach 3.4% in 2024, World Bank Forecasts
Economic Growth in Sub-Saharan Africa to Reach 3.4% in 2024, World Bank Forecasts
Sputnik Africa
In February, the African Development Bank projected Africa to become the second-fastest growing region in the world after Asia, with real GDP growth averaging... 08.04.2024, Sputnik Africa
2024-04-08T17:19+0200
2024-04-08T17:19+0200
2024-04-08T18:23+0200
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Economic growth in sub-Saharan Africa is expected to reach 3.4% in 2024 and 3.8% in 2025, up from 2.4% in 2023, the World Bank said in a new report.In addition, the World Bank forecasts that the continent's average inflation will fall from 7.1% in 2023 to 5.1% in 2024 and 5% in 2025-2026.Lower inflation, in turn, increases household purchasing power and income, leading to economic growth, the report added. The organization also predicted that growth per capita in Sub-Saharan Africa is set to accelerate from a "modest" 0.1% in 2023 to 0.9% in 2024 and 1.3% in 2025. Public debt in sub-Saharan Africa is expected to decline from 61% of GDP in 2023 to 57% of GDP in 2024, however, the risk of debt distress "remains high," the bank emphasized.However, the World Bank has warned that Africa's economic growth will be "fragile."In February, the African Development Bank (AfDB) said in a report that Africa will account for 11 of the world's 20 fastest-growing economies in 2024. In addition, up to 41 African nations will achieve an economic growth rate of 3.8% in 2024, with 13 of them growing more than 1 percentage point faster than in 2023, according to the AfDB.
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Economic Growth in Sub-Saharan Africa to Reach 3.4% in 2024, World Bank Forecasts
17:19 08.04.2024 (Updated: 18:23 08.04.2024) In February, the African Development Bank projected Africa to become the second-fastest growing region in the world after Asia, with real GDP growth averaging 3.8% in 2024 and 4.2% in 2025, above global expectations of 2.9% and 3.2%.
Economic growth in sub-Saharan Africa is expected to reach 3.4% in 2024 and 3.8% in 2025, up from 2.4% in 2023, the World Bank said in
a new report.
In addition, the World Bank forecasts that the continent's average inflation will fall from 7.1% in 2023 to 5.1% in 2024 and 5% in 2025-2026.
"The normalization of global supply chains, steady decline of commodity prices, and impacts of monetary tightening and fiscal consolidation are contributing to a lower rate of inflation in the region," the organization explained.
Lower inflation, in turn, increases household purchasing power and income, leading to
economic growth, the report added.
The organization also predicted that growth per capita in Sub-Saharan Africa is set to accelerate from a "modest" 0.1% in 2023 to 0.9% in 2024 and 1.3% in 2025.
Public debt in sub-Saharan Africa is expected to decline from 61% of GDP in 2023 to 57% of GDP in 2024, however, the risk of debt distress "remains high," the bank emphasized.
However, the World Bank has warned that Africa's economic growth will be "fragile."
"The pace of economic expansion in the region remains slow and insufficient to have a significant effect on poverty reduction," the bank said.
In February, the African Development Bank (AfDB)
said in a report that Africa will account for 11 of the world's 20 fastest-growing economies in 2024. In addition, up to 41 African nations will achieve an economic growth rate of 3.8% in 2024, with 13 of them growing more than 1 percentage point faster than in 2023, according to the AfDB.
