Economic growth will shrink for a second year in a row in 2023 before rebounding in 2024. Growth in the region is expected to fall to 3.3% this year from 4% last year, before rebounding to 4% in 2024. That is slightly lower than the IMF predicted in July, when it said Africa would grow 3.5% in 2023 and 4.1% next year. Russia’s invasion of Ukraine, after COVID-19 had already dealt the global economy a heavy blow, sent food, fuel and fertilizer prices soaring in Africa last year. Weakening currencies, higher debt service costs and restricted access to capital markets added to debt pressures.
Source : CNBC Africa
