The African Development Bank has predicted in a recent analysis that despite the tightening global financial conditions, African economies will remain resilient with a stable outlook in 2023–2024.
According to the report, Africa’s Macroeconomic Performance and Outlook (MEO) 2023, the continent’s average GDP is expected to stabilize at 4% in the following two years, up from 3.8% in 2022.
The new publication will offer African policy-makers, domestic and international investors, researchers, and other development partners an up-to-date, evidence-based assessment of the continent’s recent macroeconomic performance and short- to medium-term outlook amid dynamic global economic developments.
It will be released in the first and third quarters of each year.
The adverse global economic climate has increased inflation, the expense of debt servicing, and the risk of debt distress in emerging nations, notably those in Africa.
The majority of African currencies reportedly saw significant value declines versus the dollar in 2022 as a result of the United States tighter monetary policies, especially in countries that export commodities.
The depreciation rates varied from 21% in Malawi to 69% in South Sudan.
