Africa’s economic growth is projected to slow to 4.2% this year from 4.4% in 2025, mainly due to the “expected effects” of war in the Middle East, the African Development Bank said in its latest outlook.
The Abidjan-based lender, which is holding its annual meeting this week in Brazzaville, praised African countries for showing resilience last year in the face of declining international aid and trade tensions. But it noted that the continent’s economies remain vulnerable to external shocks, such as supply chain disruptions and tighter access to finance. Africa’s transformation is still “too slow” and “development needs are outpacing available financing,” the bank said. African economies will need to grow at 7% or higher over decades to meet job creation and poverty reduction goals, the report said.
The ongoing Ebola virus outbreak in DR Congo presents yet another test, with more than 900 cases reported, and concerns that it could spread to other countries. The World Bank, the US, and European countries have together pledged $500 million to enable Kinshasa and African health officials to tackle the crisis.
