African Economic Outlook : modest growth ahead,  2.1% in 2024 and 2.9% in 2025

According to the African Development Bank (AfDB) 2024 report, GDP growth in Africa is projected to remain modest at 2.1% in 2024 and 2.9% in 2025. Inflation is expected to decrease to 6.7% in 2025, with a budget deficit of about 6%. The medium-term economic outlook could deteriorate due to the high risk of debt overhang hindering access to external financing, social tensions caused by the high cost of living, and persistently high interest rates in developed economies. However, the report adds that accelerating reforms, particularly those aimed at improving governance of state-owned enterprises, the business climate, and controlling current expenditures, could boost growth and reverse the debt trajectory.