Afdb Downgrades Africa’s GDP Growth for 2023 & 2024Source: www.export-egypt.com 11/29/2023, Location: Africa |
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African Development Bank (AfDB) downgraded its forecast of the growth rate of the gross domestic product (GDP) of Africa for 2023 and 2024 to 3.4 percent and 3.8 percent, respectively, from 4.0 percent and 4.3 percent.
The revision was outlined in the AfDB’s 2023 Africa’s Macroeconomic Performance and Outlook (MEO) update. The report cited the ongoing long-term effects of COVID-19, geopolitical tensions and conflicts, climate shocks, and a global economic slowdown as challenges in the way of Africa’s growth. The report, released on 28 November, also attributed its unoptimistic view to the African central banks’ limited capacity to raise interest rates further to contain inflation without compromising economic recovery. |
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