{"id":28525,"date":"2024-02-19T11:42:10","date_gmt":"2024-02-19T11:42:10","guid":{"rendered":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/afdb-report-puts-africas-gdp-at-3-8-in-2024"},"modified":"2024-02-19T11:57:20","modified_gmt":"2024-02-19T11:57:20","slug":"afdb-report-puts-africas-gdp-at-3-8-in-2024","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/afdb-report-puts-africas-gdp-at-3-8-in-2024","title":{"rendered":"AfDB report puts Africa\u2019s GDP at 3.8% in 2024"},"content":{"rendered":"

Africa-Press – Sierra-Leone. <\/strong><\/span>The real Gross Domestic Product (GDP) growth for Africa is expected to average 3.8 percent and 4.2 percent in 2024 and 2025, according to the African Development Bank (AfDB).The bank stated this in its latest Macroeconomic Performance and Outlook (MEO) report posted on its website. This is higher than the projected global averages of 2.9 percent and 3.2 percent.<\/p>\n

According to the report, the continent is set to remain the second-fastest-growing region after Asia.<\/p>\n

\u201cThe top 11 African countries projected to experience strong economic performance forecast are Niger (11.2 %), Senegal (8.2 %), Libya (7.9 %) and Rwanda (7.2 %).\u201d<\/p>\n

\u201cOthers are Cote d\u2019Ivoire 6.8 per cent, Ethiopia 6.7 per cent, Benin 6.4 per cent), Djibouti at 6.2 percent, Tanzania 6.1 percent, Togo at six percent, and Uganda at six percent\u201d the report said.<\/p>\n

It quoted Akinwumi Adesina, AfDB\u2019s president, as saying \u201cIn spite of the challenging global and regional economic environment, 15 African countries have posted output expansions of more than five percent.\u201d<\/p>\n

Adesina, therefore, called for larger pools of financing and several policy interventions to boost Africa\u2019s growth further.<\/p>\n

Africa\u2019s Macroeconomic Performance and Outlook is a biannual publication released in the first and third quarters of each year.<\/p>\n

It complements the existing African Economic Outlook (AEO), which focuses on key emerging policy issues relevant to the continent\u2019s development.<\/p>\n

The MEO report provides an up-to-date evidence-based assessment of the continent\u2019s recent macroeconomic performance and short-to-medium-term outlook amid dynamic global economic developments.<\/p>\n

Adesina said the latest report called for cautious optimism given the challenges posed by global and regional risks.<\/p>\n

He listed the risks to include rising geo-political tensions, increased regional conflicts, and political instability all of which could disrupt trade and investment flows, and perpetuate inflationary pressures.<\/p>\n

According to Adesina, fiscal deficits have improved, as faster-than-expected recovery from the pandemic helped shore up revenue.<\/p>\n

\u201cThis has led to a stabilisation of the average fiscal deficit at 4.9 percent in 2023, like 2022, but significantly less than the 6.9 percent average fiscal deficit of 2020\u201d<\/p>\n

\u201cThe stabilisation is also due to the fiscal consolidation measures, especially in countries with elevated risks of debt distress.\u201d<\/p>\n

The AfDB boss said that with the global economy mired in uncertainty, the fiscal positions of the African continent would continue to be vulnerable to global shocks.<\/p>\n

\u201cThe report shows that the medium-term growth outlook for the continent\u2019s five regions is slowly improving, a pointer to the continued resilience of Africa\u2019s economies\u201d<\/p>\n

Presenting key findings of the report, Kevin Urama, the AfDB\u2019s chief economist and vice president, said growth in Africa\u2019s top-performing economies had benefitted from a range of factors.<\/p>\n

Urama said the factors include declining commodity dependence through economic diversification, increasing stra\u00adtegic investment in key growth sectors, rising both public and private consumption, and positive developments in key export markets.<\/p>\n

\u201cAfrica\u2019s economic growth is projected to regain moderate strength as long as the global economy remains resilient, disinflation continues, investment in infrastructure projects remains buoyant, and progress is sustained on debt restructuring and fiscal consolidation,\u201d he said.<\/p>\n

On his part, Albert Muchanga, the commissioner for economic development, trade, tourism, industry and minerals, the African Union Commission, said the future of Africa rested on economic integration.<\/p>\n

According to Muchanga, our small economies are not competitive in the global market. Moreover, a healthy internal African trade market can ensure value-added and intra-African production of manufactured goods.<\/p>\n

He said that the MEO forecast and recommendations would be made available to African heads of state. He said the report would be useful when the African Union made its proposals to the G20- an informal gathering of the world\u2019s largest economies to which the Union was admitted in 2023.<\/p>\n

\u201cThe improved growth figure for 2024 reflects concerted efforts by the continent\u2019s policymakers to drive economic diversification strategies focused on increased investment in key growth sectors.<\/p>\n

\u201cAnd the implementation of domestic policies aimed at consolidating fiscal positions and reversing the increase in the cost of living and boosting private consumption,\u2019\u2019 Muchanga said.<\/p>\n

Mthuli Ncube, Zimbabwe\u2019s minister of finance and economic development, described the report as being \u201con point\u201d and consistent with the reality in his country.<\/p>\n

Ncube said it was useful for economic planning across Africa and urged AfDB to continue its thoughtful leadership to help policymakers continue to build resilience to withstand shocks and drive growth.<\/p>\n

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

Africa-Press – Sierra-Leone. The real Gross Domestic Product (GDP) growth for Africa is expected to average 3.8 percent and 4.2 percent in 2024 and 2025, according to the African Development Bank (AfDB).The bank stated this in its latest Macroeconomic Performance and Outlook (MEO) report posted on its website. This is higher than the projected global […]<\/p>\n","protected":false},"author":84,"featured_media":28524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[291,293,292],"class_list":["post-28525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-sierra-leone","tag-sierra-leone"],"yoast_head":"\nAfDB report puts Africa\u2019s GDP at 3.8% in 2024 - Sierra Leone<\/title>\n<meta name=\"description\" content=\"The real Gross Domestic Product (GDP) growth for Africa is expected to average 3.8 percent and 4.2 percent in 2024 and 2 ...\" \/>\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\/sierra-leone\/all-news\/afdb-report-puts-africas-gdp-at-3-8-in-2024\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AfDB report puts Africa\u2019s GDP at 3.8% in 2024\" \/>\n<meta property=\"og:description\" content=\"The real Gross Domestic Product (GDP) growth for Africa is expected to average 3.8 percent and 4.2 percent in 2024 and 2 ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/afdb-report-puts-africas-gdp-at-3-8-in-2024\" \/>\n<meta property=\"og:site_name\" content=\"Sierra Leone\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-19T11:42:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-19T11:57:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2024\/02\/sm_1708330908.826927.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\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=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/afdb-report-puts-africas-gdp-at-3-8-in-2024#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/afdb-report-puts-africas-gdp-at-3-8-in-2024\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"AfDB report puts Africa\u2019s GDP at 3.8% in 2024\",\"datePublished\":\"2024-02-19T11:42:10+00:00\",\"dateModified\":\"2024-02-19T11:57:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/afdb-report-puts-africas-gdp-at-3-8-in-2024\"},\"wordCount\":725,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/afdb-report-puts-africas-gdp-at-3-8-in-2024#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/sierra-leone\/sites\/16\/2024\/02\/sm_1708330908.826927.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Sierra-Leone\",\"Sierra-Leone\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/afdb-report-puts-africas-gdp-at-3-8-in-2024#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/afdb-report-puts-africas-gdp-at-3-8-in-2024\",\"url\":\"https:\/\/www.africa-press.net\/sierra-leone\/all-news\/afdb-report-puts-africas-gdp-at-3-8-in-2024\",\"name\":\"AfDB report puts Africa\u2019s GDP at 3.8% in 2024 - 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