APA-Dakar (Senegal) Eleven of the world’s twenty most economically dynamic countries are in Africa this year.
In 2024, Africa will emerge at the top of the list of the twenty nations with the most dynamic economic growth, according to a macroeconomic report by the African Development Bank (AfDB).
The report reveals a gradual improvement in medium-term growth prospects across the continent’s five regions, reflecting the continued resilience of African economies.
With sustained growth forecast for 2024, exceeding the projected global average, Africa is positioned as the second fastest-growing region after Asia. Eleven of the twenty most economically dynamic countries will be in Africa that year, according to the latest edition of the African Development Bank’s African Macroeconomic Performance and Prospects report.
The continent’s real gross domestic product (GDP) growth rate is expected to average 3.8 percent this year and 4.2 percent in 2025, outpacing global average estimates of 2.9 percent and 3.2 percent respectively. Despite a difficult global and regional economic environment, fifteen African countries posted output growth in excess
of 5 percent.
Concerted efforts by the continent’s political decision-makers to diversify the economy, invest in key sectors and consolidate fiscal positions are contributing to this improvement. However, challenges remain, including geopolitical risks, regional conflicts and political instability, which could disrupt trade and investment.
According to Ambassador Albert Muchanga of the AU Commission, it is crucial for Africa to engage in deeper economic integration to enhance its competitiveness in the global market.
The climate and debt challenges require particular attention, as the Zimbabwean Minister of Finance and Economic Development, Mthuli Ncube, points out. To maintain sustainable economic growth, internal reforms
and discussions with creditors are essential.
Long-term financing and the reduction of the risk premium for financing African debt are also crucial aspects, according to Jeffrey Sachs of Columbia University. He calls for a long-term vision and collective action to support sustainable development in Africa.
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