It said, Africa’s economic growth will stabilise at 4 per cent over the next two years, and inflation will slow as the continent rebounds from a pandemic-induced slump and external shocks including the Ukraine war.
While Africa avoided some of the worst health impacts of the COVID-19 pandemic, many countries were hit hard by the economic fallout. And an initial 2021 recovery from the first pandemic shocks was hampered by rising inflation, spiking food prices and tightening global monetary policy last year.But in its Macroeconomic Performance and Outlook published on Thursday, the Bank projected growth will accelerate to 4.0 per cent this year and 3.9 per cent in 2024, outstripping world averages.
“Africa has demonstrated continued resilience,” AfDB President Akinwumi Adesina wrote in a forward to the report. “The top five performing African countries before the COVID-19 pandemic are projected to grow by more than 5.5 per cent.” The number of African countries in debt distress or at high risk of it has ballooned since the start of the pandemic.
Tightening monetary policy in wealthy countries has aggravated the strain on Africa, driving up debt service costs, restricting access to international capital markets and increasing instability in foreign exchange markets.
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