African Economic Outlook 2023

Africa’s real gross domestic product (GDP) experienced a growth rate of 3.8% in 2022, slightly lower than the previous year’s 4.8% but still above the global average of 3.4%. This slowdown was primarily attributed to tightening global financial conditions and supply chain disruptions intensified by the Russia-Ukraine conflict, which subdued global growth. However, growth is expected to rebound to 4% in 2023 and further consolidate at 4.3% in 2024, reflecting Africa’s continued resilience to economic shocks.

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