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Africa's economic outlook: African economies remain resilient in the face of multiple shocks

22/08/2023
Source : ORISHAS FINANCE
Categories: Economy/Forex

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The African Development Bank report on the African Economic Outlook mentions that African economies remain resilient in the face of multiple shocks.

Average growth is expected to stabilize at 4.1% in 2023-2024, more than the 3.8% estimated for 2022. ”. Supported by high commodity prices, Central Africa experienced the highest growth, at 5.0 percent in 2022, compared to 3.4 percent in 2021, but it is expected to decrease slightly to 4.8 percent in 2023-24. Average growth in North Africa is expected to reach 4.5% in 2023-2024 after falling to 4.1% in 2022 from 5.1% the previous year. Growth slowed in East Africa from 4.7% in 2021 to 4.4% in 2022, but is expected to reach 5.5% in

2023-24.

Growth is expected to slow further to 2.1% in 2023-2024 after decelerating to 2.7% in 2022 from 4.4% in 2021, driven by moderate growth in South Africa in Southern Africa. West Africa's growth slowed to 3.8% in 2022 from 4.4% in 2021, but is expected to increase to around 4.1% in 2023-24

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