| African Economies Projected to Grow by 3.4 % in 2024, But Faster and More Equitable Growth Needed to Reduce Poverty
April 8, 2024--Increased private consumption and declining inflation are supporting an economic rebound in Sub-Saharan Africa. However, the recovery remains fragile due to uncertain global economic conditions, growing debt service obligations, frequent natural disasters, and escalating conflict and violence, according to the World Bank's latest Africa's Pulse report. |
| Transformative policies are needed to address deep-rooted inequality to sustain long-term growth and effectively reduce poverty.
The report projects that growth will rebound in 2024, rising from a low of 2.6 percent in 2023 to 3.4 percent in 2024, and 3.8 percent in 2025. However, this recovery remains tenuous. While inflation is cooling across most economies, falling from a median of 7.1 to 5.1 percent in 2024, it remains high compared to pre-COVID-19 pandemic levels. Additionally, while growth of public debt is slowing, more than half of African governments grapple with external liquidity problems, and face unsustainable debt burdens. |