The real Gross Domestic Product (GDP) growth for Africa is expected to average 3.8 per cent and 4.2 per cent in 2024 and 2025.
The African Development Bank (AfDB) said this in its latest Macroeconomic Performance and Outlook (MEO) report.
In a statement issued on the Bank’s website, this is higher than the projected global averages of 2.9 per cent and 3.2 per cent, according to the report.
According to the report, the continent is set to remain the second-fastest-growing region after Asia.
“The top 11 African countries projected to experience strong economic performance forecast are Niger (11.2 per cent), Senegal (8.2 per cent), Libya (7.9 per cent) and Rwanda (7.2 per cent)”
“Others are Cote d’Ivoire 6.8 per cent, Ethiopia 6.7 per cent, Benin 6.4 per cent), Djibouti 6.2 per cent, Tanzania 6.1 per cent, Togo 6 per cent, and Uganda at six per cent” the report said.
It quoted Dr Akinwumi Adesina, AfDB’s President, as saying “in spite the challenging global and regional economic environment, 15 African countries have posted output expansions of more than five per cent.”
Adesina, therefore, called for larger pools of financing and several policy interventions to boost Africa’s growth further.