{"id":26160,"date":"2024-01-19T15:55:11","date_gmt":"2024-01-19T15:55:11","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/africas-economy-to-grow-second-fastest-globally-report"},"modified":"2024-01-19T17:13:58","modified_gmt":"2024-01-19T17:13:58","slug":"africas-economy-to-grow-second-fastest-globally-report","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/africas-economy-to-grow-second-fastest-globally-report","title":{"rendered":"Africa’s economy to grow second fastest globally \u2013 report"},"content":{"rendered":"

Africa-Press – Eritrea. <\/strong><\/span>International research unit Economic Intelligence has said Africa will be the world\u2019s second-fastest-growing major region in the world, in 2024.<\/p>\n

It ranks behind Asia, which will be propelled by China and India.<\/p>\n

It says almost all African states will post a positive growth story, with an exception of Sudan and Equatorial Guinea being the only economies that look set to contract this year.<\/p>\n

\u201cIndeed, 12 of the world\u2019s 20 fastest-growing economies in 2024 will be in Africa, and Africa’s real GDP is forecast to grow by 3.2 per cent in 2024, up from 2.6 per cent in 2023,\u201d EIU says.<\/p>\n

\u201cEast Africa, encompassing Ethiopia, Kenya, Uganda, Rwanda, Tanzania and the DRC, will once again be the ones powering the continent\u2019s growth prospect.\u201d<\/p>\n

This on the back of services sector boom, which is projected to continue playing a major role in driving the economies of East Africa.<\/p>\n

Noting the specific sectors, the report highlights the resurgent travel, tourism and hospitality, resilient transport and logistics, and the vibrant financial and telecommunications industries.<\/p>\n

Apart from East Africa, EIU says other resource-intensive economies and major commodity exporters in the continent will also continue to do well.<\/p>\n

\u201cThis is because of the intense competition and high prices for Africa\u2019s supplies of hydrocarbons, mining sector output and agricultural produce,\u201d it says.<\/p>\n

Nevertheless, the unit projects that substantial investment will continue to flow into Africa\u2019s energy sector ventures, as well as minerals and metals that are crucial to the global energy transition and digital transformation.<\/p>\n

Despite the continental projected growth, it cautions that it faces substantial risks, including security threats, political instability and debt repayment burdens.<\/p>\n

It says more countries will be pushing for debt restructuring and relief in the better part of this year.<\/p>\n

\u201cAfrica nations will feel the financial squeeze created by excessive debt and a heavy debt-repayment burden in 2024, which will weigh on economic growth and stability in some countries,\u201d it adds in part.<\/p>\n

\u201cThe financial pressure created by elevated external debt has been compounded by the fallout from multiple external shocks in recent years, including the covid-19 pandemic, Russia\u2019s invasion of Ukraine and adverse weather conditions linked to global climate change.\u201d<\/p>\n

Further, it anticipates continued currency depreciation across the continent.<\/p>\n

This is against the US dollar. However, it notes that adjustments are expected to be less severe than those recorded in 2023.<\/p>\n

Matters inflation levels, EIU says the pressures are expected to ease from the more elevated levels recorded in 2023 for all, but a small handful of African countries namely Angola, Seychelles, Sudan and Tanzania, where country-specific factors will push up consumer price inflation.<\/p>\n

\u201cAn easing of consumer price pressures will be a welcome relief for policymakers and households.<\/p>\n

“However, inflation will run strong into 2024 and remain a central story for several large economies as these countries will continue to suffer the economic instability generated by another year of double-digit consumer price inflation, largely driven by elevated oil prices.\u201d<\/p>\n

Source: The Star<\/b><\/p>\n

For More News And Analysis About Eritrea<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eritrea. International research unit Economic Intelligence has said Africa will be the world\u2019s second-fastest-growing major region in the world, in 2024. It ranks behind Asia, which will be propelled by China and India. It says almost all African states will post a positive growth story, with an exception of Sudan and Equatorial Guinea […]<\/p>\n","protected":false},"author":84,"featured_media":26159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[242,243,233],"class_list":["post-26160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-eritrea","tag-eritrea"],"yoast_head":"\nAfrica's economy to grow second fastest globally \u2013 report - Eritrea<\/title>\n<meta name=\"description\" content=\"International research unit Economic Intelligence has said Africa will be the world\u2019s second-fastest-growing major regio ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/africas-economy-to-grow-second-fastest-globally-report\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Africa's economy to grow second fastest globally \u2013 report\" \/>\n<meta property=\"og:description\" content=\"International research unit Economic Intelligence has said Africa will be the world\u2019s second-fastest-growing major regio ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/africas-economy-to-grow-second-fastest-globally-report\" \/>\n<meta property=\"og:site_name\" content=\"Eritrea\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-19T15:55:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-19T17:13:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/01\/sm_1705671024.647051.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"666\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/africas-economy-to-grow-second-fastest-globally-report#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/africas-economy-to-grow-second-fastest-globally-report\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Africa’s economy to grow second fastest globally \u2013 report\",\"datePublished\":\"2024-01-19T15:55:11+00:00\",\"dateModified\":\"2024-01-19T17:13:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/africas-economy-to-grow-second-fastest-globally-report\"},\"wordCount\":508,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/africas-economy-to-grow-second-fastest-globally-report#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/01\/sm_1705671024.647051.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eritrea\",\"Eritrea\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eritrea\/all-news\/africas-economy-to-grow-second-fastest-globally-report#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/africas-economy-to-grow-second-fastest-globally-report\",\"url\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/africas-economy-to-grow-second-fastest-globally-report\",\"name\":\"Africa's economy to grow second fastest globally \u2013 report - 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