Africa’s overall real GDP, according to the African Development Bank (AFDB), should grow to 4.1% in 2018 and 2019, against 2.2% and 3.6% in 2016 and 2017 respectively. This was disclosed in the institution’s African Economic Outlook 2018 report, released yesterday in Abidjan, Côte d’Ivoire. 

In Libya, BDG should rise significantly, exceeding 55%, driven by oil production. Ghana’s economy should grow by 8.5%, Côte d’Ivoire by 7.9%, Senegal by 7%, Djibouti by 6.9%, and Tanzania by 6.7%, despite its neighbors recording a slump. Ethiopian economy is expected to remain as dynamic as last year. Meanwhile, Burkina Faso, Benin, Sierra Leone and Guinea could exceed 6%. 

Similarly to these economies, Nigeria and South Africa, the continent’s leading economies, should grow also. The two, it should be noted, exited recession Q2 2017. 

“No single factor accounts for this improvement. It reflects better global economic conditions; the recovery in commodity prices (mainly oil and metals); sustained domestic demand, partly met by import substitution; and improvements in agricultural production”, AfDB said in its report. 

Fiacre E. Kakpo