The economic climate on a worldwide scale is in a constant state of flux, and as the year 2024 draws closer, certain nations are displaying promising signs of significant economic progress, while the prospects for others are not quite as bright as those of the former.
The continent of Africa is not an exception, as it is expected that some countries would see a quick economic increase, while other countries are forecast to live less than their full potential.
While the continent as a whole has demonstrated resiliency and has the potential for growth in a variety of industries, several countries on the continent confront obstacles that could impede the economic advancement of their country.
Some African countries are expected to see slower growth than anticipated as a result of a number of factors, including political unrest, high levels of external debt, poor infrastructure, and an over-reliance on certain industries.
As stated in its October World Economic Output report, the International Monetary Fund forecasts that the growth of developing and emerging market economies would gradually slow down from 4.1% in 2022 to 4.0% in 2023 and 2024. This slight decline is predicted to occur from a high of 4.1% in 2022.
The research titled, Navigating worldwide Divergencies also indicated that it is anticipated that worldwide inflation will progressively fall as a result of tighter monetary policy backed by decreasing international commodity prices, from 8.7% in 2022 to 6.9% in 2023 and 5.8% in 2024. This decrease is likely to take place over the course of the next three years.
This highlights the poor economic performance that several African countries are forecast to face; the ten countries that are expected to be hurt the hardest are shown below.
|Rank||Country||Economic performance in %|
|6.||São Tomé and Príncipe||2.4|
|7.||Central African Republic||2.5|