The UN predicts a modest growth rate for Africa in 2024, rising to 3.5% from 3.3% in 2023. The organization attributes this subdued growth to the global economic slowdown, tightening monetary and fiscal conditions, and the high risks associated with the debt sustainability of several countries.
The 'World Economic Situation and Prospects 2024' report highlights the adverse impacts of climate change, extreme weather events on agriculture and tourism, and geopolitical tensions affecting regions such as the Sahel and North Africa.
The report reveals varying growth rates among African sub-regions in 2024, with East Africa leading at 5.5%, followed by West Africa (3.8%), North Africa (3.2%), Central Africa (3.1%), and Southern Africa (2.3%).
In 2025, growth on the continent is expected at 4.2%.
Globally, economic growth is projected to slow from an estimated 2.7% in 2023 to 2.4% in 2024, rebounding to 2.7% in 2025. The UN underscores challenges such as persistent high interest rates, escalating conflicts, sluggish international trade, and increased climate disasters affecting global growth. The organization emphasizes the need for increased investments to revive growth, address climate change, and expedite progress toward achieving sustainable development goals.
It’s a common scene in any Lomé (Togo) market, but it’s telling. A customer hands a 10,000 CFA franc...
Egypt’s handset market is projected to leap from $2.5 billion in 2025 to $4.8 billion by...
Burkina Faso ends Target Malaria, a GMO mosquito project funded by the Gates Foundation. The ...
Egypt and UNECA launched a five-day workshop in Cairo to strengthen maritime tax audits and IFRS-b...
Sadot and Vodacom’s MOTI launch Africa’s first telco-powered farm-to-fork app to cut crop losses a...
On August 31, 2025, the ruling coalition in Benin Republic—comprising the Union Progressiste pour le Renouveau (UPR) and the Bloc Républicain...
Suzuki seks to boost African sales by leveraging its India hub and a new pact with MOL and TradeWaltz on greener logistics. Suzuki sold 109,000...
Southern Africa's critical minerals are vital but underused due to systemic issues, per the WEF, DBSA, and McKinsey report. Policy uncertainty, poor...
Africa’s airlines are renewing fleets with modern jets, driving demand for advanced maintenance and repair services. The continent’s MRO market is...
• Grand Egyptian Museum to open November 1 near Giza Pyramids• TikTok named official digital partner for live-streamed ceremony• GEM to display 100,000+...
• Brazzaville hosts first Mwassi festival for African women filmmakers• Festival offers screenings, panels, and professional training workshops• Women...