For the years 2023 and 2024, the African Development Bank (AfDB) has revised downward its short- and medium-term macroeconomic forecasts for Africa.

In a press release issued last Monday, the ADB expects 3.4% this year and 3.8% next year, compared to 4.0% and 4.3% previously anticipated. According to the press release, “these slightly lower forecasts are due to the continuing and long-term effects of the Covid-19 pandemic, geopolitical tensions and conflicts, climate shocks, a global economic downturn, as well as the limited fiscal room for manoeuvre, available to African governments to adequately respond to shocks and support the gains of economic recovery after the health crisis

The financial institution indicated that “this updated data has been published in the update of the Africa +Macroeconomic Performance and Prospects 2023 + (MEO) report, which follows the +Economic Outlook report 2023 in Africa+ published last May