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In 2022, African economies demonstrated remarkable resilience as they navigated the challenging aftermath of the COVID-19 pandemic. Despite facing dynamic shocks such as global financial tightening, spillover effects from Russia's invasion of Ukraine, subdued global growth, and persistent climatic threats, Africa managed to consolidate its recovery. The continent achieved an estimated 3.8 percent real gross domestic product (GDP) growth in 2022, surpassing the global average of 3.4 percent. Notably, all but two African countries posted positive growth rates, highlighting Africa's ability to withstand adverse circumstances.

Stable Growth Outlook for Africa

Looking ahead, the African Economic Outlook projects a positive and stable growth outlook for the medium term. The report anticipates a rebound to 4 percent in 2023, further strengthening to 4.3 percent in 2024. In 2023, 18 African countries are expected to experience growth rates surpassing 5 percent, with this number set to increase to 22 in 2024. These projections are reinforced by anticipated improvements in global economic conditions, driven by China's reopening and a downward adjustment of interest rates as the effects of monetary policy tightening on inflation begin to bear fruit.