Africa makes up 11 of the world’s 20 fastest growing economies in 2024

Key Takeaways

Despite the challenging global and regional economic environment, 15 African countries have posted output expansions of more than 5%. Across the five regions in Africa, the bank projected East Africa to experience the fastest economic growth in 2024 at 5.1%, followed by West Africa at 4.0%. Conversely, North and Central Africa are expected to grow at 3.9% and 3.5%, respectively, while Southern Africa will see the weakest growth at 2.2% in 2024. While the report paints a positive outlook for Africa, the continent still grapples with several risks, including inflation, currency depreciation, elevated debt levels, and political instability, particularly with the rise of coups across the Sahel. Inflation remains a concern for Africa's population due to monetary policy tightening across Europe and the United States, as well as geopolitical tensions in Europe and the Middle East, leading to disruptions in the supply chains of energy and agricultural products.