Browsing: 2023 Africa’s Macroeconomic Performance and Outlook

global shocks hurting Africa's growth recovery
  • AFDB has revised its short to medium-term macroeconomic forecast for Africa, for 2023 and 2024 downwards to 3.4% and 3.8%, from 4.0% and 4.3%.
  • The bank cites the effects of COVID-19, geopolitical conflicts, climate shocks, a global economic slowdown, and limited fiscal space as constraints to Africa’s recovery.
  • AfDB is calling on governments to scale up investment in human capital and infrastructure to boost productivity, and regain momentum in economic growth.

Global shocks have prompted the African Development Bank (AfDB) to revise its short to medium-term macroeconomic projections for Africa in 2023 and 2024, reducing the forecast to 3.4 per cent and 3.8 per cent from the earlier estimates of 4 per cent and 4.3 per cent.

AfDB cited persistent global shocks impacting African economies in the period under focus. The bank said the enduring impacts of COVID-19, ongoing geopolitical tensions and conflicts, climate-related shocks, a worldwide economic deceleration, and …