Africa, 14% of the world’s population and only 2% of GDP by 2023
ECONOMIC GROWTH IS EXPECTED TO ACCELERATE SLIGHTLY. HOWEVER, TIGHTENING MONETARY AND FISCAL CONDITIONS, DEBT SUSTAINABILITY, CLIMATE CHANGE AND GEOPOLITICAL INSTABILITY ALL POSE UNCERTAINTIES
Africa will grow by 2.8% in 2024*, 1.1 pp less than in the pre-pandemic decade
57.8% of the African population is under 24 years of age, compared to 41% globally
Notable divergence in 2024* between Senegal’s projected 8.9% growth and Sudan’s 9.9% decline
Africa’s four largest economies in 2024* will account for about 57.1% of the region’s total GDP
Situation of the main African economies in 2024
South Africa: +0.7% y-o-y due to weak domestic demand and logistical challenges (transport bottlenecks, infrastructure, …)
Algeria: weakening oil market will slow down economic activity
Egypt: slowdown due to domestic and international factors (weakness of advanced economies and indirect impact of tension in the Middle East)
Nigeria: activity slowing due to increasing price pressures, political uncertainty and declining consumer spending