African Development Bank Revises Economic Forecast for Africa downwards amid continued global shocks

November 29, 2023--The African Development Bank has revised its short to medium-term macroeconomic forecast for Africa, for 2023 and 2024 downwards to 3.4% and 3.8%, from 4.0% and 4.3%.
The slightly lower figures reflect the persistent long-term effects of COVID-19, geopolitical tensions and conflicts, climate shocks, a global economic slowdown, and limited fiscal space for African governments to adequately respond to shocks and sustain post-pandemic economic recovery gains.

The updated data were published on Thursday, 29 November in the 2023 Africa's Macroeconomic Performance and Outlook (MEO) update, a follow-up to the Bank Group's 2023 Africa Economic Outlook released in May.

While inflationary pressures are receding globally, they are persistent in Africa and continue to weigh heavily on the continent's short-to-medium-term economic performance, according to the update. Africa's inflation is now projected to average 18.5% and 17.1% in 2023 and 2024, respectively.