Africa is projected to maintain its status as the second fastest-growing region in the world, following developing Asia, according to the African Economic Outlook unveiled at the African Development Bank’s (AfDB) Annual Meetings in Nairobi. The report highlights that 41 African countries are expected to experience stronger growth rates in 2024 compared to 2023.
The continent’s average growth is predicted to increase to 3.7% in 2024 and 4.3% in 2025, surpassing the global average growth of 3.2%. East Africa is anticipated to lead the continent’s economic surge, with GDP growth rising from 1.5% in 2023 to 4.9% in 2024 and 5.7% in 2025.
AfDB President Akinwumi Adesina commended the positive growth projections but underscored the importance of addressing issues of governance, transparency, accountability, and climate change to ensure that economic benefits reach the population.
He also highlighted the significance of investing in youth skills and entrepreneurship, particularly through initiatives such as the Youth Entrepreneurship Investment Banks, to sustain and enhance this growth trajectory.
