Several African countries experienced economic difficulties last year as a result of internal and foreign socio-economic and political complications. However, it was projected that many said African countries would see some degree of economic recovery 2024. This economic forecast has been revised with a little decline recorded.
The World Bank’s June 2024 Global Economic Prospects report revealed that between 2024 and 2025, the average economic growth rate of developing economies is predicted to rise by 4%.
The growth rate in low-income economies is expected to increase from 3.8% in 2023 to 5% in 2024.
In summary, albeit more slowly than anticipated at the beginning of the year, growth is anticipated to accelerate across the Middle East, North Africa, and Sub-Saharan Africa.
According to the report, an upsurge in domestic demand will be the main trigger of this expansion, especially in Sub-Saharan Africa (SSA).
It is expected that North Africa’s oil output will spur further expansion. This expansion is anticipated for MENA nations.
The growth rate of Sub-Saharan Africa (SSA) decreased to less than 3% in 2023. The report notes that its current project is 3.5%, down from 3.8% projected in January’s report.
While others must cope with the negative effects of currency depreciation, numerous of the region’s economies continue to suffer from weak government balance sheets, which are partly the result of low tax collection and high debt-service expenses.
Top 10 African countries with the lowest economic forecast mid-2024
| Rank | Country | Economic forecast |
|---|---|---|
|
1. |
Equatorial Guinea |
-4.3% |
|
2. |
Sudan |
-3.5% |
|
3. |
South Africa |
1.2% |
|
4. |
Central Africa Republic |
1.3% |
|
5. |
Malawi |
2.0% |
|
6. |
South Sudan |
2.0% |
|
7. |
Lesotho |
2.2% |
|
8. |
São Tomé and Príncipe |
2.5% |
|
9. |
Chad |
2.7% |
|
10. |
Zambia |
2.7% |
