Many economists from around the world, since the last quarter of 2022, have concluded that the world will face some of the same economic challenges in 2022, resulting in the same or worse fiscal numbers. Some economists even go so far as to predict a global recession based on metric systems and formulas that they believe are systematic.
However, according to the inaugural edition of the African Development Bank (AfDB) Macroeconomics Performance and Outlook Report for January 2023, Africa’s GDP growth is forecast to average around 4% in 2023 and 2024, higher than the projected world average of 2.7% and 3.2. %, respectively.
However, the AfDB acknowledges that the subject is vast and that the data in the bi-annual report will be updated as the situation surrounding macroeconomic performance evolves.
An extract from the AfDB report was read “The current global macroeconomic situation is increasingly uncertain with a succession of shocks that make decisions and investment decisions very difficult.
A volatile external environment has spilled over the African continent, threatening to halt the gradual recovery from the effects of the COVID-19 pandemic.
The dynamic and persistent nature of global shocks and their interaction with common pockets of domestic and regional risks require regular diagnosis and targeted policy actions to address their impact on African economies.
In this report, the AfDB describes the economic growth performance and prospects of the 5 African regions, and subsequently each country on the continent.
According to the report, North Africa is expected to be stable, at 4.3% from 2022 to 2023. West Africa’s economic growth projections increase from 3.6% in 2022 to 4.1% in 2023. East Africa is predicted to grow to 5.0 % in 2023, from 4.2% in 2022. Central Africa is expected to reduce growth from 4.7% in 2022 to 4.3% in 2023. And South Africa, like Central Africa, will also experience a decline in economic growth from 2, 5% in 2022 to 2.3% in 2023.
The AfDB report also includes GDP growth forecasts for each African country for 2023, and below are the top ten.
These figures come from calculations made by analyzing datasets from African Development Bank statistics; International Monetary Fund World Economic Outlook, October 2022; and United Nations Population Division estimates.