{"id":102634,"date":"2023-11-30T19:39:47","date_gmt":"2023-11-30T18:39:47","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/afdb-reviews-africas-economy-growth-rate-forecast-in-2024-to-3-8"},"modified":"2023-11-30T22:12:11","modified_gmt":"2023-11-30T21:12:11","slug":"afdb-reviews-africas-economy-growth-rate-forecast-in-2024-to-3-8","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-reviews-africas-economy-growth-rate-forecast-in-2024-to-3-8","title":{"rendered":"AfDB reviews Africa\u2019s economy growth rate forecast in 2024 to 3.8%"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The African Development Bank (AfDB) has reduced Africa\u2019s economic growth rate projection from 4.3 per cent to 3.8 per cent in 2024.<\/p>\n

The apex development bank in the continent disclosed this in its latest revised economic outlook for the period.<\/p>\n

Earlier in May, this year, the bank projected the African economy to grow by 4.0 per cent and 4.3 per cent, respectively, in 2023 and 2024.<\/p>\n

However, the latest forecast indicated that the African economy expanded by 3.4 per cent in 2023 and 3.8 per cent in 2024.<\/p>\n

Despite the downward revision, economic growth in Africa is still above the global average and that of any economic region except Asia.<\/p>\n

The bank explained that the downward forecast in GDP growth for the continent is predicated upon slow post-COVID-19 recovery, climate change shocks, political instability, weak global growth and high-interest rates.<\/p>\n

It mentioned the recent spate of coups in Africa, the renewed Israel-Palestine conflict and the lingering Russia-Ukraine war as highlights of geopolitical risk stifling growth in the continent.<\/p>\n

\u201cThe downward revision is attributed to multiple factors \u2013 the scarring long-term effects of COVID-19, geopolitical tensions and conflicts, climate shocks, a slowdown in the global economy, and constrained fiscal space to respond to shocks and preserve economic activity adequately.<\/p>\n

\u201cAcross country groupings, for Africa\u2019s tourism-dependent countries, growth is projected to decline from 9.3 per cent in 2022 to 5.9 per cent in 2023 before moderating to 4.1 per cent in 2024. Oil-exporting countries are expected to see a marginal decline from 4.4 per cent in 2022 to a projected 3.7 per cent and 3.5 per cent in 2023 and 2024, respectively.<\/p>\n

\u201cGrowth in non-resource-intensive economies is projected to rise to 4.8 per cent in 2023, reflecting a 0.5 percentage point upward revision from 2022, and to rise further to 5.3 per cent in 2024\u201d, the report stated.<\/p>\n

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

Africa-Press – Nigeria. The African Development Bank (AfDB) has reduced Africa\u2019s economic growth rate projection from 4.3 per cent to 3.8 per cent in 2024. The apex development bank in the continent disclosed this in its latest revised economic outlook for the period. Earlier in May, this year, the bank projected the African economy to […]<\/p>\n","protected":false},"author":84,"featured_media":102633,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[706,1570,2140,254],"class_list":["post-102634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-afdb","tag-africa-press","tag-africa-press-nigeria-2","tag-nigeria"],"yoast_head":"\nAfDB reviews Africa\u2019s economy growth rate forecast in 2024 to 3.8% - Nigeria<\/title>\n<meta name=\"description\" content=\"The African Development Bank (AfDB) has reduced Africa\u2019s economic growth rate projection from 4.3 per cent to 3.8 per ce ...\" \/>\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\/nigeria\/economy\/afdb-reviews-africas-economy-growth-rate-forecast-in-2024-to-3-8\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AfDB reviews Africa\u2019s economy growth rate forecast in 2024 to 3.8%\" \/>\n<meta property=\"og:description\" content=\"The African Development Bank (AfDB) has reduced Africa\u2019s economic growth rate projection from 4.3 per cent to 3.8 per ce ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-reviews-africas-economy-growth-rate-forecast-in-2024-to-3-8\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-30T18:39:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-30T21:12:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/11\/sm_1701362158.757018.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-reviews-africas-economy-growth-rate-forecast-in-2024-to-3-8#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-reviews-africas-economy-growth-rate-forecast-in-2024-to-3-8\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"AfDB reviews Africa\u2019s economy growth rate forecast in 2024 to 3.8%\",\"datePublished\":\"2023-11-30T18:39:47+00:00\",\"dateModified\":\"2023-11-30T21:12:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-reviews-africas-economy-growth-rate-forecast-in-2024-to-3-8\"},\"wordCount\":300,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-reviews-africas-economy-growth-rate-forecast-in-2024-to-3-8#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/11\/sm_1701362158.757018.jpg\",\"keywords\":[\"AfDB\",\"Africa Press\",\"Africa Press-Nigeria\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-reviews-africas-economy-growth-rate-forecast-in-2024-to-3-8#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-reviews-africas-economy-growth-rate-forecast-in-2024-to-3-8\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/afdb-reviews-africas-economy-growth-rate-forecast-in-2024-to-3-8\",\"name\":\"AfDB reviews Africa\u2019s economy growth rate forecast in 2024 to 3.8% - 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