(Ecofin Agency) - The UN predicts a modest growth rate for Africa in 2024, rising to 3.5% from 3.3% in 2023. The organization attributes this subdued growth to the global economic slowdown, tightening monetary and fiscal conditions, and the high risks associated with the debt sustainability of several countries.

The 'World Economic Situation and Prospects 2024' report highlights the adverse impacts of climate change, extreme weather events on agriculture and tourism, and geopolitical tensions affecting regions such as the Sahel and North Africa.

The report reveals varying growth rates among African sub-regions in 2024, with East Africa leading at 5.5%, followed by West Africa (3.8%), North Africa (3.2%), Central Africa (3.1%), and Southern Africa (2.3%).

In 2025, growth on the continent is expected at 4.2%.

Globally, economic growth is projected to slow from an estimated 2.7% in 2023 to 2.4% in 2024, rebounding to 2.7% in 2025. The UN underscores challenges such as persistent high interest rates, escalating conflicts, sluggish international trade, and increased climate disasters affecting global growth. The organization emphasizes the need for increased investments to revive growth, address climate change, and expedite progress toward achieving sustainable development goals.