EconomyLens.com
No Result
View All Result
Tuesday, June 24, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Economy

‘Resilient’ Africa set for growth rebound: ADB

Andrew Murphy by Andrew Murphy
February 16, 2024
in Economy
Reading Time: 4 mins read
A A
7
19
SHARES
239
VIEWS
Share on FacebookShare on Twitter

Abidjan (AFP) – Africa saw the pace of economic growth sag last year as inflation continued to rise but is set to rebound this year, the African Development Bank said Friday.

In its latest report on the state of the continent’s economy, the ADB said that Africa had yet to benefit from falling inflation seen in other parts of the world.

Instead, average inflation increased by 3.6 percentage points, to 17.8 percent last year, the highest rate in a decade.

Related

EU lawmakers vote to bar carry-on luggage fees on planes

US Fed chair signals no rush for rate cuts despite Trump pressure

World facing ‘most complex’ situation in decades: WEF

New York state to build nuclear power plant

Eurozone business activity almost flat again in June

“Inflationary pressures in Africa remain entrenched and have eroded people’s purchasing power and adversely affected livelihoods,” the bank’s president, Akinwumi Adesina, said in his introduction to the report.

High global interest rates and the depreciation of many African currencies versus the US dollar have also increased debt service costs, constraining investment needed to boost growth and social spending.

While economic growth slowed to 3.2 percent last year, from 4.1 percent in 2022, according to the ADB’s calculations, this still makes it the world’s second-fastest-growing region after Asia.

The ADB noted that 15 African countries posted growth rates of higher than five percent thanks to higher investment spending, a recovery in tourism and a strong performance by the mining sector.

“Despite the growth slowdown in 2023, the continent’s economies remain resilient, with growth in 2024 projected to rise to 3.8 percent,” the ABD said in its report.

The projected higher growth reflects efforts to diversify economies and boost consumer consumption, it said.

And while the ADB said it expects medium-term growth prospects to improve, it said risks remain tilted to the downside, reflecting both global and regional uncertainty.

“Africa’s economic growth is forecast to rebound if the global economy remains resilient, the implementation of infrastructure projects on the continent begins to yield dividends and progress on debt restructuring and fiscal consolidation in countries facing heightened debt challenges is sustained,” it said.

But if inflation remains persistent on the continent, possibly due to conflicts sending prices higher again, it could erode any gains, it warned.

Tags: African Development Bankeconomic growthinflation
Share8Tweet5Share1Pin2Send
Previous Post

UK bank NatWest shakes off CEO turmoil as profits jump

Next Post

US wholesale prices rose more than expected in January

Andrew Murphy

Andrew Murphy

Related Posts

Economy

US existing home sales little-changed on sluggish market

June 23, 2025
Economy

Eurozone business activity almost flat again in June

June 23, 2025
Economy

Putin says recession in Russia ‘must not be allowed to happen’

June 20, 2025
Economy

World Bank and IMF climate snub ‘worrying’, says COP29 presidency

June 23, 2025
Economy

Russian government, central bank spar over economic downturn

June 20, 2025
Economy

EU bars Chinese firms from major state medical equipment contracts

June 20, 2025
Next Post

US wholesale prices rose more than expected in January

Russian invasion catalyst for renewables in Ukraine: minister

Hot US inflation report stops Wall Street stocks rebound

London Fashion Week blends tweed and Y2K amid economic gloom

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
7 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

New York ruling deals Trump business a major blow

72

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

UK to reintroduce nuclear weapon-capable aircraft under NATO

June 24, 2025

China’s premier warns global trade tensions ‘intensifying’

June 24, 2025

Stocks rally as Iran-Israel ceasefire holds, oil claws back some losses

June 24, 2025

Spain moves to strengthen power grid after huge April blackout

June 24, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.