The African Development Bank has reviewed downward its short-to medium-term macroeconomic forecast for Africa for 2023 and 2024.
The bank in a statement said it reviewed the forecast to 3.4 and 3.8 per cent from 4.0 per cent and 4.3 per cent, respectively.
According to the statement, the updated data has been published in the 2023 Africa’s Macroeconomic Performance and Outlook update, a follow-up to the bank’s 2023 Africa Economic Outlook released in May.
He said, “The slightly lower figures reflect the persistent long-term effects of COVID-19, geo-political tensions, and conflicts. It also reflects the effects of climate shocks, a global economic slowdown, and limited fiscal space for African governments to adequately respond to shocks and sustain post-pandemic economic recovery gains. While inflationary pressures are receding globally, they are persistent in Africa and continue to weigh heavily on the continent’s short-to-medium-term economic performance.’’
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