Africa's economic growth, which slowed to an average of 2.8% in 2023, is expected to slightly improve in 2024 to achieve 3.5% and then 4.1% in 2025, according to the United Nations Economic Commission for Africa (ECA-UN).
In 2023, the economies of the Continent faced a tightening of monetary policies, a limitation on the demand for African exports, and the effects of the global geostrategic context, which led to "an increase in the prices of food and fuels, hindered the flow of development funds across the entire continent, reduced budgetary maneuvering room, and disrupted the circulation of basic products and services," highlights the report of the Executive Secretary on the activities of the ECA-UN from April 2023 to February 2024.
Growth is expected to reach 3.5 percent in 2024 and 4.1 percent in 2025, a sign that the slowdown has reached its lowest point in 2023, notes the report, pointing out that net exports supported African economic growth in 2023, followed by private consumption and gross fixed capital investment, and are expected to continue to do so in the short and medium term, despite the sluggishness of global growth and the tightening of global financial conditions.
"The persistent sluggishness of the global economy, the tightening of global financial conditions, high debt levels of African countries, and relatively high inflation rates are expected to weigh on the growth prospects of the region in the short and medium term," the report specifically notes."
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