Deeper international partnerships will boost Africa’s growth
Africa’s economic potential can be further enhanced by forging deeper international partnerships and attracting more international investment, African Business said in a report.
Africa remains a compelling growth story. Over the next several decades, Africa’s population will continue to grow rapidly, and Africans will continue to become healthier, wealthier, better educated, more urbanised, more digitally connected, and more productive.
Several studies predict that by the end of this century, 13 of the 20 biggest cities in the world will be in Africa, up from just two today, and so will more than a third of the world’s people.
In the more immediate future, the fortunes of the continent also look bright. According to the African Development Bank’s recently published 2023 African Economic Outlook, Africa is set to be the second-fastest growing region in the world after Asia in 2023-24, demonstrating the resilience of continent’s economy despite having to grapple with multiple global shocks.
The report forecasts that Africa will consolidate its post-Covid-19 pandemic recovery to 4.3% GDP growth in 2024 from 3.8% in 2022.