African Development Bank Unveils Economic Forecasts for Africa
The African Development Bank (AfDB) has recently disclosed its economic forecasts for Africa. Regarding North Africa, the projected real GDP growth rate for Tunisia in 2024-2025 is 2.5%, a performance deemed unsatisfactory by the AfDB. Moreover, with an estimated inflation rate of 6.9%, Tunisia faces additional economic pressures.
According to the AfDB's latest report, titled "African Economic Outlook 2024: Boosting Africa's Transformation through Financial Architecture Reform," published on Thursday, May 30, 2024, the entire North African region is experiencing economic difficulties, with downward revisions of growth forecasts for 2024. For instance, Egypt, despite its efforts to secure international financing, sees its projected growth rate at only 3.3% for the 2023/2024 fiscal year, due to high inflation and stringent budget constraints.
The AfDB emphasizes the need to accelerate Africa's structural transformation to stimulate inclusive and sustainable growth. This will require massive investments in key sectors such as education, energy, and infrastructure. By bridging an estimated annual financing gap of $402 billion by 2030, the region can unlock its economic potential.