Uganda Among African Countries Dominating List of World’s 20 Fastest-growing Economies in 2024

of World’s 20 Fastest-growing Economies in 2024 The report showed that East Africa will continue to lead Africa’s growth momentum, with growth projected to rise to 5.1% in 2024 and 5.7% in 2025, supported by strong strategic investments to improve internal connectivity and deepen intra-regional trade

The African Macroeconomic Performance and Outlook Report for 2024 launched by African Development Bank showed that Africa is projected to remain the fastest growing region in the world, after Asia, exceeding the global average of 3% in 2023.

It also pointed out that Africa’s economies continue to demonstrate resilience against several challenges including climate change, geopolitical tensions, rising inflation, food insecurity and rising debt.

“The top 11 African countries projected to experience strong economic performance forecast are Niger (11.2%), Senegal (8.2%), Libya (7.9%), Rwanda (7.2%), Cote d’Ivoire (6.8%), Ethiopia (6.7%), Benin (6.4%), Djibouti (6.2%), Tanzania (6.1%), Togo (6%), and Uganda at 6%,” the AfBD report seen by ChimpReports reads in part.

Uganda’s economic growth is expected to accelerate to above 6% per year in the medium term with the recovery in tourism – combined with the government’s export diversification and agro-industrialization effort – plus investments to support export of crude oil will boost growth further.

Nonetheless, the disruptions in global financial conditions and increasingly volatile weather remain major downward risks.

The report showed that East Africa will continue to lead Africa’s growth momentum, with growth projected to rise to 5.1% in 2024 and 5.7% in 2025, supported by strong strategic investments to improve internal connectivity and deepen intra-regional trade.

“It is forecasted that Africa will account for 11 out of the 20 fastest-growing economies in the world in 2024,” said the President of the African Development Bank Group, Dr Akinwumi Adesina adding, “15 African countries have posted output expansions of more than 5%.

He was speaking at the Bank’s recent annual luncheon for ambassadors and heads of diplomatic missions as well as representatives of international organisations based in Abidjan, Côte d’Ivoire.

“At the African development bank, all our work is to support the countries to build resilience, whether it be to external economic shocks, climate shocks, or changes in global interest rates that have continued to put pressure on debt service capacities and depreciation of currencies driving up inflation,” Adesina said.

Overall, real gross domestic product (GDP) growth for the continent is expected to average 3.8% and 4.2% in 2024 and 2025, respectively.

Africa’s Macroeconomic Performance and Outlook, a biannual publication released in the first and third quarters of each year, complements the existing African Economic Outlook (AEO), which focuses on key emerging policy issues relevant to the continent’s development.

The MEO report provides an up-to-date evidence-based assessment of the continent’s recent macroeconomic performance and short-to-medium-term outlook amid dynamic global economic developments.

The latest report is calling for cautious optimism given the challenges posed by global and regional risks.These risks include rising geopolitical tensions, increased regional conflicts, and political instability—all of which could disrupt trade and investment flows, and perpetuate inflationary pressures.

Next Post

Leave a Reply

Latest

Welcome Back!

Login to your account below

Retrieve your password

Please enter your username or email address to reset your password.