With inflation growing higher than seen in several decades, global economic growth is projected to be weak in 2023, ranging between 2.7% and 3.2%, given the broad-based and sharper-than-expected slowdown in global economic activity, according to figures released in October 2022 by the International Monetary Fund (IMF).
A new biannual report released by the African Development Bank Group (ADB) revealed that economic growth in Africa is expected to exceed global forecasts in 2023 and 2024, with real gross domestic product (GDP) averaging around 4% in the said period.
The ADB pointed out that the expected figures for the region’s economic growth would outperform the rest of the world, which is projected to grow from 2.7% to 3.2% on average.
The report forecast the growth average in the five African regions in 2024 as follows: North Africa (3.4%), Central Africa (4.2%), East Africa (5.4%), West Africa (4.3%), and Southern Africa (2.8%).
“With 54 countries at different stages of growth, different economic structures, and diverse resource endowments, the pass-through effects of global shocks always differ by region and by country. Slowing global demand, tighter financial conditions, and disrupted supply chains therefore had differentiated impacts on African economies,” African Development Bank Group President Dr. Akinwumi Adesina said during the launch ceremony of the ADB report titled "Africa’s Macroeconomic Performance and Outlook."
Adesina pointed out that growth across all five African regions was positive in 2022, despite the “confluence of multiple shocks,” adding that the “outlook for 2023–24 is projected to be stable.”
The ADB's "Africa’s Macroeconomic Performance and Outlook" report revealed that Africa’s real GDP slowed to 3.8% in 2022, from 4.8% in 2021, due to a number of “significant” domestic and external challenges that faced the continent in recent years, including the COVID-19 pandemic and the ongoing crisis in Ukraine.
With a comprehensive regional growth analysis, the publication revealed that 53 out of Africa’s 54 states had posted positive growth during the last year.
The report listed the top 10 African nations expected to grow by more than 5.5% on average in 2023-2024, including Rwanda (7.9%), Ivory Coast (7.1%), Benin (6.4%), Ethiopia (6.0%), and Tanzania (5.6%), the Democratic Republic of the Congo (6.8%), Gambia (6.4%), Mozambique (6.5%), Niger (9.6%), Senegal (9.4%), and Togo (6.3%).
UN Secretary-General Antonio Guterres’ Advocate for Sustainable Development Goals, who attended the report launch event at the ADB headquarters in Abidjan, Ivory Coast, said that the figure listed in the report proved that Africa is currently “the place to invest.”
“Africa can and will rise to growth of 7 percent or more per year consistently in the coming decades. What we’ll see, building on the resiliency we see in this report, is a real acceleration of Africa’s sustainable development so that Africa will be the fast-growing part of the world economy.”
Mohsen Rezaee, a member of the Expediency Discernment Council, has said preconditions include reparations and security guarantees
For the ongoing conflict between Iran and the US to conclude, the latter must withdraw its military forces from the Persian Gulf, according to a member of the advisory board of Iran’s supreme leader.
Mohsen Rezaee, a retired major general and former commander of the Islamic Revolutionary Guard Corps (IRGC), added that Tehran would also seek full restitution for the damage done and ironclad security guarantees from Washington.
In an interview with Iran’s SNN TV broadcaster published on Saturday, the member of the Expediency Discernment Council said that the “presence of the US in the Persian Gulf has been the main cause of insecurity over the past 50 years.”
“The end of the war is also in our hands,” Rezaee claimed, naming the “US withdrawal from the Persian Gulf” among the key prerequisites. Additionally, Iran expects to receive reparations from the ...
The spokesman for the Khatam al-Anbiya Central Headquarters has accused the United States and Israel of deploying a rebranded copy of Iran’s Shahed-136 drone, designated “Lucas,” to carry out attacks on civilian infrastructure in regional countries as part of a deliberate false-flag operation aimed at framing the Islamic Republic.
In an official statement released today, the spokesman explained that after suffering military setbacks on the battlefield and failing to build political coalitions against Iran, the enemy has resorted to deception.
The statement specifically warned that the objective of these operations is to “create doubt and accuse the Islamic Republic of Iran” while sowing discord between Tehran and its neighbors, thereby undermining the legitimacy of Iran’s defensive actions.
The spokesman pointed to a series of “suspicious attacks” in recent days on facilities in friendly neighboring countries, including Turkey, Kuwait, and Iraq, which Western media outlets and hostile ...
The Islamic Revolution Guards Corps (IRGC) has announced the execution of the 51st wave of Operation True Promise 4, launching missile strikes against US military installations across the region in retaliation for ongoing American-Israeli aggression against the country.
The IRGC announced the latest wave was carried out using a combination of liquid-fuel and solid-fuel missiles against US terrorist army forces at the Al Kharj Air Base in Saudi Arabia.
According to the IRGC statement, Al Kharj base served as the "origin of aggressions against the Islamic homeland," functioning as the staging ground for US F-35 and F-16 fighter jets involved in attacks on Iran.
The base also houses fuel supply aircraft and serves as the main hub for American AWACS surveillance planes.
Concurrently, the spokesman for the Khatam al-Anbiya Central Headquarters confirmed that the fiftieth wave of the operation struck multiple US terrorist army bases.
They include the Al Dhafra Air Base and Fujairah in the UAE, Jufair in ...
