Africa set for growth rebound – AFDB

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Africa seeing the pace of economic growth as at last year as inflation continued to rise but it set to rebound this year, the African Development Bank stated.

The latest report on the state of continent’s economy, the AFDB( African Development Bank Group) has said that Africa had yet to benefit from the falling inflation seen in other parts of the world.

However, average inflation was said to have increased by 3.6 percentage points, to 17.8 percent last year, the highest rate in a decade.

The bank president, Akinwumi Adesina, noted that: “The inflationary  Pressures  in African remains entrenched and have eroded people’s purchasing power and adversely affected livelihoods.”

It also said that the High global interest rates and depreciation of many African currencies versus alongside with US dollar have also increased debt service costs, constraining the investment needed to boost growth and social spending.

Last year, the economic growth slowed to 3.2 percent, while in 2022, from 4.1 percent. According to the AfDB’s calculations, this still makes it the world’s second- fastest- growing region after Asia.

The AFDB stated that 15 African countries posted growth rate higher than five percent thanks to higher investment spending, a recovery tourism and string performance by the mining sector.

The continent’s economies remains resilient, despite the growth slowdown in 2023, with growth projected in 2024 to rise to 3.8  percent,” AFDB reported.

Meanwhile the AFDB have expected medium- term growth prospects to improve, moreso risks remain titled to the downside, reflecting both global and regional uncertainty.

It is said that African’s economic growth is forecast to rebound if the global economy remains resilent.

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