African Economies to Rise at 3.4% in 2024- World Bank

In a much-awaited revelation, the World Bank has forecasted a promising resurgence in African economies, marking a trajectory from 2.6% growth in 2023 to a robust 3.8% in 2025. The announcement, unveiled in the latest Africa’s Pulse Report, unveils a beacon of hope for the continent’s economic landscape.

According to the report, a surge in private consumption coupled with a decline in inflation serves as the backbone of Sub-Saharan Africa’s economic revitalization. However, amidst the optimism, the report cautions against the fragility of the recovery, citing global uncertainties, mounting debt burdens, natural calamities, and escalating conflicts as potential stumbling blocks.

“While the numbers paint a promising picture, the road to sustained growth remains fraught with challenges,” remarked Andrew Dabalen, Chief Economist for Africa at the World Bank. “It’s imperative to acknowledge that the pace of expansion still falls short of pre-pandemic levels, posing significant hurdles for poverty alleviation efforts.”

Highlighting the urgency for transformative policies, the report underscores the necessity to tackle deep-rooted inequalities and foster long-term growth. “A mere increase in GDP won’t suffice to alleviate poverty significantly,” Dabalen emphasized, stressing the need for comprehensive strategies that bolster private sector productivity and ensure equitable job creation.

Moreover, the report flags dwindling external resources, escalating geopolitical tensions, and persistent inequalities as pressing concerns that demand immediate attention. With access to basic services still skewed and disparities in income-generating opportunities persisting, the call for policy reforms rings louder than ever.

“Inequality remains a formidable barrier to inclusive growth in Africa,” the report asserts, urging governments to prioritize measures that restore macroeconomic stability, promote market access, and shield the vulnerable from fiscal burdens.

As Africa navigates the complexities of post-pandemic recovery, the World Bank’s clarion call for concerted action resonates as a rallying cry for sustainable and equitable growth on the continent.