The African Development Bank (AfDB) has lowered its short to medium-term macroeconomic forecast for Africa, for 2023 and 2024 to 3.4% and 3.8%, from 4.0% and 4.3% respectively.
The updated data were published on Wednesday, 29 November, 2023 in the 2023 Africa’s Macroeconomic Performance and Outlook (MEO) update, a follow-up to the Bank Group’s 2023 Africa Economic Outlook released in May.
The slightly lower figures reflect the persistent long-term effects of COVID-19, geopolitical tensions and conflicts, climate shocks, a global economic slowdown, and limited fiscal space for African governments to adequately respond to shocks and sustain post-pandemic economic recovery gains.
