African Economic Outlook 2024

The African Economic Outlook 2024, examines how reforming the global financial architecture is crucial for accelerating Africa’s structural transformation (PDF, 2.82MB). While the continent remains the world’s second-fastest growing region with GDP growth projected to rebound from 3.1% in 2023 to 3.7% in 2024 and 4.3% in 2025, progress in shifting from low-productivity sectors like agriculture and informal services to diversified, higher-value industries has been limited. Achieving meaningful transformation will require closing a financing gap of roughly US $402 billion annually until 2030 through stronger domestic resource mobilisation, greater private sector investment, and innovative financing tools. The report stresses that without significant reforms to make the global financial system fairer and more responsive to Africa’s needs, the continent will struggle to secure the concessional resources and influence necessary to meet its development goals.

Abstract based on original resource.