Africa-Press – Cape verde. With its young population and rich natural resources, Africa is one of the world’s fastest-developing regions. Sputnik looks at the projected economic growth figures in Africa amid the global energy and food crisis, and compares them with the prospects of Western countries.
According to a new biennial analysis by the African Development Bank (ADB) Group, real gross domestic product (GDP) in Africa is predicted to increase by an average of 4% between 2023 and 2024, outpacing worldwide estimates.
Based on the data of the African Development Bank, the continent’s economic growth in 2024 will reach 3.9%, compared to 1.6% in the EU and 1.5% in the US (according to the European Commission and the Congressional Budget Office). East Africa and West Africa are expected to become the sub-regions with the fastest-growing economies on the continent – with 5.4% and 4.3% respectively. The predicted fastest-growing national economy in 2023-2024 will be Libya (12.9%), followed by Niger (9.6%), and Senegal (9.4%).
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