East Africa poised to be the fastest growing region in 2024, Africa off track to meeting SDGs by 2030 – says AfDB

While set to retain its 2023 ranking as the second fastest-growing region after developing Asia in 2024 and 2025, Africa faces a significant challenge. A recently released AfDB report warns that the continent needs to catch up to meet almost all Sustainable Development Goals by 2030.

Experts believe this could underscore the urgent need for collective action and strategic planning to ensure Africa's sustainable and inclusive future.

The report unveiled at the Bank’s Annual Meetings on Thursday (30th May 2024) in Nairobi, Kenya, described Africa’s growth potential as ‘remarkable’.  The 2024 Africa Economic Outlook (AEO) theme, “Driving Africa’s Transformation: The Reform of the Global Financial Architecture,” aligns with the Bank’s Annual Meetings theme.

According to the report, African economies are expected to remain resilient despite challenges testing economies worldwide. “Forty-one African countries are set for more robust growth in 2024, with East Africa poised as the fastest growing region, West Africa to pick up, and Southern Africa to record a slight increase in growth,” the report says.

The rebound in Africa’s average growth includes a rise to 3.7% in 2024 and 4.3% in 2025, exceeding the projected global average of 3.2%. Of this figure, 17 African economies are projected to grow by more than 5 percent in 2024. As the pace of growth accelerates, the number could rise to 24 in 2025.

This growth trajectory is expected to surpass pre-2023 levels, with East Africa leading as the fastest-growing region (up to 3.4 percentage points). Other areas are also projected to witness moderate to robust growth.

East Africa, the continent’s fastest-growing region, is poised for a significant economic upswing. Real GDP growth is projected to rise from an estimated 1.5 percent in 2023 to a promising 4.9% in 2024 and a robust 5.7 percent in 2025.

AfDB President Dr Akinwumi Adesina is quoted as saying that while the bank was proud of the growth projections of many African countries as reflected in the report, it was not blind to the challenges.

A statement released by AfDB quotes Dr Akinwumi Adesina as saying, 

“Africa’s future is bright, but we need to tackle governance, transparency, accountability, and management of our natural capital. We need to ensure that resources are used for the benefit of the people of this continent… The kind of resilience we are talking about cannot happen unless we deal with climate change.” 

“We must ensure that we invest in our young people's skills, talents, and entrepreneurship and give them tools. That is why I am excited about what we are doing with the Youth Entrepreneurship Investment Banks.”

The report also warns that Africa is off track to meet almost all of SDGs by 2030 and argues that unless corrective action is taken, including reversing the steepening poverty curve, Africa will be home to nearly 9 out of 10 (or 87%) of the world’s extreme poor by 2030.

Additional content from the AfDB website www.afdb.org/
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