This year, Africa is poised to emerge as the second-fastest-growing economic region globally. The latest Macroeconomic Performance and Outlook report from the African Development Bank Group projects a GDP growth of 3.8 per cent in 2024, with further expansion to 4.2 per cent in 2025.
However, amidst these promising forecasts, many countries continue to grapple with significant challenges, including high debt burdens and soaring borrowing costs, raising concerns about the potential impact on public service provision and development spending.
The commencement of trading under the African Continental Free Trade Area (AfCFTA) in January 2021 marked a significant milestone in Africa’s quest for prosperity. Yet the continent has also faced a series of setbacks due to external shocks, including the COVID-19 pandemic, mounting geopolitical tensions, and escalating regional conflicts and political instabilities.
Dr Akinwumi Adesina offers his insights on Africa’s economic prospects, outlining the continent’s priorities for structural and economic transformation, sustaining growth and fostering resilience in the face of adversity.
