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Africa’s average GDP growth to stabilize in 2023-204

African economies remain resilient with a stable outlook in 2023-2024, despite the tightening global financial conditions, the African Development Bank has projected in a new report.

The report, Africa’s Macroeconomic Performance and Outlook (MEO) 2023, estimates Africa’s average GDP to stabilize at 4% in the next two years, up from 3.8% in 2022.

Presenting the report on 17 February on the sidelines of the 36th African Union Assembly in Addis Ababa, African Development Bank chief economist and vice president Kevin Urama said that the continent could benefit from high demand for its commodities as countries seek alternatives for food and energy in response to disruptions caused by the war in Ukraine.

The continent, he noted, remains a treasure trove for smart investors globally, but it must strive for higher growth rates, more inclusive economies, and greater resilience to external shocks.

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