The African Development Bank Group announced in its latest Macroeconomic Performance and Outlook (MEO) report that Africa will host eleven of the world’s 20 fastest-growing economies in 2024.
The continent’s real gross domestic product (GDP) growth is forecasted to average 3.8% in 2024 and 4.2% in 2025, surpassing the projected global averages of 2.9% and 3.2%, respectively.
Africa is poised to maintain its position as the second-fastest-growing region after Asia.
The 11 fastest growing economies and their projected growth rate for 2024 are;
Speaking on the report, the President of the African Development Bank, Dr. Akinwunmi Adesina called for more financing in the face of the positive outlook noting that 15 African countries already posted growth rate above 5%.
He stated, “Despite the challenging global and regional economic environment, 15 African countries have posted output expansions of more than 5%,”
Across the five regions in Africa, the bank projected East Africa to experience the fastest economic growth in 2024 at 5.1% followed by West Africa at 4.0%.
On the other hand, North and Central Africa are expected to grow at 3.9% and 3.5% respectively while Southern Africa will see the weakest growth at 2.2% in 2024.
