Economic outlook for Africa : expected rebound in 2024

The April 2024 edition of Africa’s Pulse, a biannual survey of African economies, forecasts a rebound in economic activity in Sub-Saharan Africa. According to the report, this recovery will be supported by an increase in private consumption and a decrease in inflation. Indeed, growth is expected to rise from a low of 2.6% in 2023 to 3.4% in 2024.

However, despite this optimistic forecast, the economic recovery remains fragile due to several factors. Firstly, global economic conditions remain uncertain, which could compromise regional stability. Additionally, debt payments continue to increase, putting additional pressure on the public finances of countries in the region. Frequent climate disasters, such as droughts and floods, also disrupt local economies and worsen the vulnerability of the poorest populations.

Furthermore, the escalation of conflicts and violence in some regions poses a major obstacle to economic recovery. Armed conflicts hinder infrastructure development, disrupt commercial activities, and deter foreign investments. As a result, many countries in the region struggle to rebuild their economies and create jobs for their population.

The projected growth remains insufficient to have a significant impact on poverty reduction in Sub-Saharan Africa

Despite the optimism surrounding the expected economic rebound, the report also emphasizes that the projected growth remains insufficient to have a significant impact on poverty reduction in Sub-Saharan Africa. Indeed, the pace of economic expansion in the region remains lower than that of the previous decade (2000-2014). To reverse this trend, transformative policies are needed to address deeply rooted inequalities that hinder long-term growth and effective poverty reduction in the region.

To learn more : Consult the report