2023 Africa’s macroeconomic performance and outlook update

Projections for Africa’s average real GDP growth for 2023 and 2024 have been revised downwards. Growth is now projected at 3.4% in 2023 and 3.8% in 2024. These growth rates are lower than predicted in the 2023 AEO launched in May by 0.6 percentage points and 0.5 percentage points, respectively. The downward revision is attributed to multiple factors – the scarring long-term effects of COVID-19, geopolitical tensions and conflicts, climate shocks, a slowdown in the global economy, and constrained fiscal space to adequately respond to shocks and preserve economic activity.