African economies remain resilient with a stable outlook in 2023-2024, despite global financial conditions. The continent’s average GDP growth is projected to stabilize at 4% in the next two years, up from 3.8% in 2022. The African Development Bank urges bold policy actions to mobilize and leverage private financing for development in Africa. In 2022, most African currencies, especially in commodity-exporting countries, lost substantial value against the dollar due to monetary policy tightening in the US. Adverse events such as covid-19 and the war in Ukraine had negative impacts on growth’s dynamics in several countries.
Source : Business Insider Africa
