Africa is poised to become the second fastest-growing region in 2023-24, with a strong focus on pursuing sustainable and environmentally friendly economic growth.

According to the African Development Bank’s (AfDB) 2023 African Economic Outlook, Africa is set to become the second-fastest growing region globally after Asia in 2023-24, demonstrating its economic resilience despite various global challenges. The report highlights Africa’s projected GDP growth of 4.3% in 2024, up from 3.8% in 2022, with 22 countries expected to achieve growth rates exceeding 5%.

To ensure the realization of these promising prospects, the report emphasizes the importance of favorable global conditions and Africa’s ability to enhance its economic resilience. It calls for the implementation of robust policies, particularly those that promote green industries and offer substantial guarantees to manage risks associated with private sector investments in natural capital.

The report was presented during the African Development Bank Group’s Annual Meetings in Sharm El Sheikh, Egypt, a significant event attended by African leaders, experts, and development partners. The meeting’s theme was “Mobilizing Private Sector Financing for Climate and Green Growth.”

Prof. Kevin Urama, the Bank Group’s chief economist and vice president for economic governance and knowledge management, provided an in-depth overview of the report, outlining potential policies to encourage greater private sector financing for climate and green growth in Africa.

During the unveiling of the 220-page report, Akinwumi Adesina, the President of the African Development Bank Group, emphasized the need for African nations to take further action, such as mobilizing domestic resources and restructuring debt, to withstand global economic challenges.

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