AfDB Report: The secrets of Africa’s growth champions, led by Kenya

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The African Development Bank (AfDB) released its “Economic Outlook in Africa 2024” report on Thursday, May 30. This report, closely watched by foreign investors to guide their investment decisions, carries positive news for the continent, especially for East Africa. The Horn of Africa, led by Kenya, is anticipated to make significant progress. This progress is driven by massive public spending, strategic investments in infrastructure, and ambitious policies aimed at modernizing agriculture and boosting services.

 

East Africa will display the fastest and strongest growth on the continent in 2024 and 2025, according to the AfDB report. This region, which includes 13 nations (Burundi, Comoros, Djibouti, Ethiopia, Eritrea, Kenya, Rwanda, Seychelles, Somalia, South Sudan, Sudan, Tanzania and Uganda ), should accomplish an average economic growth of 4.9% in 2024 and 5.7% next year, indicated the same source…

These levels will be reached despite the extremely probable poor performance of the GDP of Sudan and South Sudan, weighed down by internal fighting from which they do not see an end. East Africa’s GDP boom will be driven largely by “high public spending and strategic infrastructure investments aimed at improving domestic connectivity and facilitating trade with neighbouring countries, associated with continued efforts to modernize agricultural production and boost productivity in the services sector,” the document says.

West Africa is also doing well, with growth of 4.2% this year and 4.4% in 2025. Central Africa follows closely with a rate of 4.1% in 2024 and 4.7% in 2025; then comes North Africa, 3.6% this year and 4.2% next year. Southern Africa is predicted to be the worst, with a growth rate of just 2.2% in 2024 and 2.7% in 2025.

The AfDB report likewise says that economic growth is expected to average 4% across the continent this year and next, which would be almost a percentage point higher than the current level. reached last year (3.1%). This dynamic would allow Africa to maintain its place as world number 2, after Asia.

Finally, know that 40 African countries will gain stronger growth this year than that achieved last year. 17 economies on the continent are expected to grow by more than 5% in 2024, this number could rise to 24 in 2025…

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