African GDP growth to edge up in 2023 despite South Africa slide -AfDB

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The continent's GDP growth is projected to rise to 4% this year

Rachel Savage, Reuters News

May 24, 2023

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Africa's economic growth is set to edge upwards in 2023 and 2024 amid tighter global monetary policy and the fallout from Russia's invasion of Ukraine, but South Africa's will plummet, the African Development Bank (AfDB) said.

The continent's GDP growth is projected to rise to 4% this year and 4.3% in 2024 after a 3.8% expansion last year, the AfDB said in its annual African Economic Outlook on Wednesday. However, GDP growth was still some way below the 4.8% expansion in 2021, the lender found.

(Reporting by Rachel Savage Editing by Karin Strohecker and David Goodman )

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