Africa is projected to maintain its status as the second fastest-growing region globally after developing Asia. According to the African Economic Outlook, unveiled at the African Development Bank’s Annual Meetings in Nairobi, 41 of the continent’s countries will experience stronger growth rates in 2024 compared to 2023. The report predicts Africa’s average growth will rise to 3.7% in 2024 and 4.3% in 2025, surpassing the global average of 3.2%. East Africa is expected to see the fastest growth, with GDP increasing from 1.5% in 2023 to 4.9% in 2024 and 5.7% in 2025. AfDB’s President Akinwumi Adesina praised the positive growth projections but stressed the need to address governance, transparency, accountability, and climate change to ensure resources benefit the population. He emphasized investing in youth skills and entrepreneurship, particularly through initiatives like the Youth Entrepreneurship Investment Banks.
SOURCE: BUSINESS INSIDER