The African Development Bank’s Economic outlook projects the Eastern of the continent to be in the lead in terms of economic growth for the year 2024-2025. The research however shows that other regions are expected to grow at a steadily slow pace.
Forty-one countries on the continent of Africa are projected to show higher growth rates this year compared to 2023, according to the latest African Development Bank’s African Economic Outlook launched during its annual meeting last week. In 2024 and 2025, the continent is projected to maintain its position as the second fastest-growing region, after the ever-growing Asia with the Eastern part of Africa at the forefront.
According to the Economic outlook, Africa’s average growth is expected to rebound to 3.7% in 2024 and 4.3% in 2025, above the predicted world average of 3.2%. In 2024, 17 African economies are expected to grow by over 5%. With the rate in growth, the number might reach 24 in 2025. East Africa is predicted to lead this growth trajectory and surpass pre-2023 levels despite the challenges facing the continent.
« Africa’s future is bright, but we need to make sure we tackle governance, transparency, accountability, and management of our natural capital. We need to make sure resources are used for the benefit of the people of this continent, » stressed the African Development bank’s president Dr. Akinwumi Adesina.
Africa might not reach most Sustainable Development Goals by 2030, according to the research.The research further adds that the economy of East Africa is expected to expand by 4.9% in 2024, which is more than three times the growth rate of 1.5% seen last year, despite the influence of two significant problems.
This growth will be followed by Central Africa with an expected growth rate of 4.1% this year and 4.7% next year. Then West Africa, which ranks second this year with 4.2% and third next year with.4.4% followed by North and Southern Africa.
