At the Afreximbank Annual Meetings (AAM) 2024 in Nassau, Bahamas, the African Export-Import Bank (Afreximbank) presented its reports on Africa’s trade and economic outlook for 2024. The financial institution expects average growth of 3.8% for African economies in 2024, higher than the evolution of the world economy (+3.2%), and an increase to 4% in 2025.
African trade, however, declined by 6.3% in 2023, but intra-African trade recorded an increase of 3.2%, thus demonstrating the resilience of the African economy and the potential of the Free Trade Zone. -African Continental Exchange (ZLECAf) in order to mitigate global shocks, underlines the bank.
Yemi Kale, Chief Economist and DG of Research and International Cooperation of Afreximbank, indicated that this performance “reflects the resilience of the African economy and the potential impact of the African Continental Free Trade Area (AfCFTA) single market for the continent as a tool to protect against global shocks“.
The report further highlights the challenges facing African economies, such as increasing sovereign debt, terms of trade shocks, geopolitical tensions, political volatility, high commodity prices. basic needs and food insecurity. Note that despite these challenges, the outlook for 2024 and 2025 remains positive, with an expected positive development in macroeconomic indicators and a decline in inflation.
Furthermore, another report, entitled “The climate impacts of the implementation of the AfCFTA”, looks at the climate impacts of the AfCFTA. This free trade zone can promote economic development while responding to climate concerns, underlines the document.
