African GDP growth to edge up in 2023 despite South Africa slide -AfDB
2023.05.24 07:23
© Reuters. FILE PHOTO: A man walks beneath electricity pylons during frequent power outages from South African utility Eskom, caused by its ageing coal-fired plants, in Orlando, Soweto, South Africa, January 16, 2023. REUTERS/Siphiwe Sibeko
By Rachel Savage
JOHANNESBURG (Reuters) – Africa’s economic growth is set to edge upwards in 2023 and 2024 amid tighter global monetary policy and the fallout from Russia’s invasion of Ukraine, but South Africa’s will plummet, the African Development Bank (AfDB) said.
The continent’s GDP growth is projected to rise to 4% this year and 4.3% in 2024 after a 3.8% expansion last year, the AfDB said in its annual African Economic Outlook on Wednesday. However, GDP growth was still some way below the 4.8% expansion in 2021, the lender found.
