In the document "Economic Perspectives for Africa", released during the annual meetings of the ADB Group, in Egypt, the bank indicates a recovery of the growth of the African continent's economy this year, to 4 percent, and further consolidation to 4.3 percent in 2024.
"Our projections show that 18 African countries will have growth rates [of their Gross Domestic Product, or GDP] above 5 percent in 2023, a number that should increase to 22 in 2024", says the document, presented by governors and bank economists in a high-level plenary session during the annual meetings.
Among the countries with expected GDP growth above 5 percent are Mozambique, with a projection of 6.6 percent, and Cape Verde, with 6 percent, while Guinea-Bissau is very close, with 4.9 percent, for Angola the estimate is 3.7 percent and for Sao Tome and Principe 1.8 percent.
This recovery of African economic growth occurs after an evolution in real GDP estimated at 3.8 percent in 2022, below 4.8 percent in 2021, "due to the multiple and dynamic shocks" that "weighed on the dynamism of growth in Africa".
Despite this, GDP growth in 2022 is above the global average of 3.4 percent, and all but two African countries have recorded positive growth rates.
"This also demonstrates a remarkable resilience, evident in the projected consolidation of growth in the medium term", sustains the AfDB in its macroeconomic perspectives.
This continued resilience, the institution believes, will be reinforced by the expected improvements in the world economy, fueled by the reopening of China and a downward adjustment in interest rates, as the tightening of monetary policy on inflation begins to bear fruit.
Growth will depend on the economic characteristics of each country, with the rise in oil exports suggesting that producer countries will benefit from the prices of this raw material, which, despite the recent decline, remain high.
Non-resource-intensive economies will benefit from their more diversified economic structures, underlines the AfDB, highlighting the importance of diversification to withstand shocks.
Of the various risks to the economic performance that Africa faces, the AfDB externally highlights the tightening of global financial conditions and the appreciation of the US dollar, which "exacerbates the costs of debt service and may increase the risk of indebtedness" and the extension of Russia's invasion of Ukraine.
Internally, it points to the situation of food insecurity and cost of living in Africa, in addition to climate change, which "continue to threaten lives, livelihoods and economic activities".
The annual meetings of the African Development Bank Group started Monday and run until Friday, in Sharm el Sheikh, Egypt, with the theme in the multiple working sessions "Mobilizing private sector financing for climate and green growth in Africa".
