Africa’s economies continue to grow faster than the global average of 3% demonstrating resilience against several challenges including climate change, geopolitical tensions, rising inflation, food insecurity and rising debt, President of the African Development Bank Group (AfDB), Akinwumi Adesina said.
"It is forecasted that Africa will account for 11 out of the 20 fastest-growing economies in the world in 2024. Fifteen African countries have posted output expansions of more than 5%," Adesina said Thursday at the Bank’s annual luncheon for ambassadors and heads of diplomatic missions as well as representatives of international organizations based in Abidjan, Cote d’Ivoire.
Last week at the African Union Summit in Addis Ababa, the African Development Bank launched its African Macroeconomic Performance and Outlook Report for 2024, he recalled, pointing out that the report shows that Africa is projected to remain the fastest growing region in the world, after Asia, exceeding the global average of 3% in 2023.
"At the African development bank, all our work is to support the countries to build resilience, whether it be to external economic shocks, climate shocks, or changes in global interest rates that have continued to put pressure on debt service capacities and depreciation of currencies driving up inflation," Adesina said.
The Bank resumed the diplomatic luncheons after nearly five years due to the Covid-19 pandemic. It was also the first diplomatic luncheon since 2019, months before the Bank’s shareholders collectively agreed to a significant increase of the capital of the African Development Bank by 150%, moving it from $93 billion to $208 billion — the largest capital increase in the history of the Bank since 1964.