African economies remain resilient, despite challenges that are testing economies worldwide with of the economies set to experience stronger growth, according to the latest African Development Bank Group’s African Economic Outlook. The report stated that 41 countries on the continent are projected to experience stronger growth rates in 2024 than they did in 2023. The report unveiled at the Bank’s Annual Meetings on Thursday in Nairobi, described Africa’s growth potential as ‘remarkable’. The growth rates for 2024 and 2025 show an upgrade of 0.1 percentage point over the January 2024 projections, mainly reflecting a 0.7 percentage point increase in South Africa’s projected growth. African Economic Outlook makes bold proposals to reform the global financial architectureThe African Economic Outlook 2024 calls for an overhaul of the global financial architecture to transform African economies.

Source: News Business Ethiopia June 01, 2024 00:20 UTC