A recent report by the African Development Bank (AfDB) indicates that despite numerous challenges, East Africa is projected to grow three times more than the previous year.
The report highlights that East Africa’s economy is expected to expand by 4.9%, significantly higher than the 1.5% growth rate recorded the previous year.
“East Africa is expected to maintain its position as Africa’s fastest-growing region, with real GDP growth rising from an estimated 1.5 percent in 2023 to 4.9 percent in 2024 and 5.7 percent in 2025,” the report states.
The report states that the forecast for 2024 has been revised down by 0.2 percentage points from the January 2024 Africa’s Macroeconomic Performance and Outlook (MeO) due to larger-than-expected contractions in Sudan and South Sudan.
The conflict in Sudan has significantly hindered growth in the region, causing a slowdown that has also affected South Sudan.
Consequently, the bank has revised its January prediction down to 0.2% from 5.1%.
Despite this, the report indicates that Africa is expected to rebound, with East Africa leading the recovery.
“The projected rebound in Africa’s average growth will be led by East Africa (up by 3.4 percentage points) and Southern Africa and West Africa (each rising by 0.6 percentage points),” the report reads.