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.”
Russian Foreign Ministry spokeswoman Maria Zakharova earlier said that the treaty provides for various forms of bilateral cooperation.
The comprehensive strategic partnership agreement between Russia and Iran has entered into force, Iranian Ambassador to Russia Kazem Jalali told Sputnik.
"It is already binding," Jalali said when asked about the date of entry into force of the agreement, as well as whether Iran had notified Russia of the completion of internal procedures.
He recalled that the treaty was ratified by both chambers of the Russian parliament, and Russian President Vladimir Putin signed it. At the same time, the document was ratified by the Iranian parliament, approved by the Guardian Council, and the president issued it as a law.
"Therefore, in both countries it currently has the form of a law and, naturally, has entered into force," Jalali said.
On January 17, Putin and his Iranian counterpart, Masoud Pezeshkian, met in Moscow to sign the Comprehensive Strategic ...
Defying the United States threats, ministers from more than 30 nations have packed Bogotá’s San Carlos Palace to charge the Israeli regime with genocide over its October 2023-present brutal military assault against the Gaza Strip.
The dramatic display of international solidarity saw dozens of high-ranking officials from across the globe convene inside the stately palace on Tuesday, determined to hold the regime accountable for, what they unequivocally called, a “war of genocide.”
The two-day emergency summit, organized under the auspices of The Hague Group -- a coalition co-chaired by Colombia and South Africa -- had representatives, ranging from such countries as Algeria and Brazil to Pakistan and Spain, in attendance.
The participants described the drive as a coordinated effort to stop the Israeli atrocities.
Behind closed doors, ministers and envoys, meanwhile, engaged in intensive sessions aimed at drafting collective measures to pressure the regime -- steps expected to be unveiled by ...
