By MKT Reporter
The African Development Bank (ADB) has predicted that most of the continent’s nations will this year post a strong growth.
The development bank says that the improvement in 41 of the countries will make the continent the second fastest growing region in the world.
The report, released during the ADB Annual Meetings, praised Africa’s growth potential as “remarkable” and predicted that Africa will retain its 2023 ranking as the second fastest-growing region after developing Asia.
The report also highlighted the rebound in Africa’s average growth, with 17 African economies projected to grow by more than 5 per cent in 2024, and the number could rise to 24 in 2025.
East Africa is projected to lead as the fastest-growing region, up 3.4 percentage points. ADB President Dr. Akinwumi Adesina underscored the importance of tackling governance, transparency, accountability, and natural capital management for the benefit of the people of Africa.
He also emphasised the need to invest in young people’s skills, talents, entrepreneurship, and tools like Youth Entrepreneurship Investment Banks.
The report also called for an overhaul of the global financial architecture to transform African economies, including giving Africa a greater voice in multilateral development banks and international financial institutions.
Dr. Adesina emphasised the need for prudent use of resources and strengthened capacity to improve public finance management.
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