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African economies remain resilient amid multiple shocks
The African Economic Outlook 2023 is being published as African countries are dealing with multiple shocks, including the effects of the COVID-19 pandemic, disruptions to global supply chains due to Russia’s prolonged invasion of Ukraine and a tightening of global financing conditions. These shocks have reduced the continent’s real GDP growth from 4.8 percent in 2021 to 3.8 percent in 2022. However, African economies remain resilient, with average growth projected to stabilize at 4.1 percent in 2023–24. The growth outlook is subject to significant downside risks, including
i) subdued global growth weighing on Africa’s exports, persistence of tight global financial conditions exacerbating debt servicing costs;
ii) significant losses and damages due to frequent extreme weather events exacerbating fiscal pressures;
iii) the prolongation of Russia’s invasion of Ukraine, which is increasing global uncertainty; and
iv) persistent disruptions to global supply chains. Other factors include elevated geopolitical risks due to upcoming national elections in some countries.
The African Economic Outlook 2023 underscores the urgency to fast-track climate action and green transitions to drive the continent’s inclusive and sustainable development.
The African Economic Outlook 2023, published by the African Development Bank Group.
