As of mid-2024, several African countries are projected to experience low economic growth due to factors like political instability, reliance on specific sectors (such as oil), and external shocks.
According to the report, an upsurge in domestic demand will be the main trigger of this expansion, especially in Sub-Saharan Africa (SSA).
It is expected that North Africa’s oil output will spur further expansion. This expansion is anticipated for MENA nations.
The growth rate of Sub-Saharan Africa (SSA) decreased to less than 3% in 2023. The report notes that its current project is 3.5%, down from 3.8% projected in January’s report.
While others must cope with the negative effects of currency depreciation, numerous of the region’s economies continue to suffer from weak government balance sheets, which are partly the result of low tax collection and high debt-service expenses.
The World Bank’s June 2024 Global Economic Prospects report revealed that between 2024 and 2025, the average economic growth rate of developing economies is predicted to rise by 4%.
The growth rate in low-income economies is expected to increase from 3.8% in 2023 to 5% in 2024.
In summary, albeit more slowly than anticipated at the beginning of the year, growth is anticipated to accelerate across the Middle East, North Africa, and Sub-Saharan Africa.
Top 10 African countries with the lowest economic forecast mid-2024
| Rank | Country | Economic forecast |
|---|---|---|
| 1. | Equatorial Guinea | -4.3% |
| 2. | Sudan | -3.5% |
| 3. | South Africa | 1.2% |
| 4. | Central Africa Republic | 1.3% |
| 5. | Malawi | 2.0% |
| 6. | South Sudan | 2.0% |
| 7. | Lesotho | 2.2% |
| 8. | São Tomé and Príncipe | 2.5% |
| 9. | Chad | 2.7% |
| 10. | Zambia | 2.7% |
These countries face various challenges, ranging from political instability to overtoil and agriculture, slowing their economic growth and limiting their ability to recover from global economic disruptions.
