Africa is poised to be the world's second-fastest growing region after Asia in 2023-24, a testament to its economic resilience amid multiple global shocks, according to the African Development Bank’s (AfDB) 2023 African Economic Outlook. Africa will boost its post-pandemic recovery with a projected GDP growth of 4.3 per cent in 2024, up from 3.8 per cent in 2022. Twenty-two countries will register growth rates above 5 per cent.

These promising prospects, however, hinge on global conditions and Africa's ability to strengthen its economic resilience. The report has urged the adoption of robust policies, particularly those promoting green industries and large-scale guarantees to mitigate the risk associated with private sector investments in natural capital.

The report's unveiling at the Bank Group's Annual Meetings in Sharm El Sheikh, Egypt, was a noteworthy event, attended by African leaders, experts, and development partners. The theme of the meetings 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, presented the report, detailing potential policies for encouraging more private sector financing for climate and green growth in Africa.

Unveiling the 220-page report, African Development Bank Group president Akinwumi Adesina emphasised the need for African nations to do more, including mobilising more domestic resources and restructuring debt to withstand global headwinds.

Fibre2Fashion News Desk (KD)

Africa to be 2nd fastest growing region in 2023-24, eyes green growth

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