While the global economy is slowly returning to growth after the shocks caused by the COVID-19 pandemic and the war in Ukraine, African countries are facing a contrasting situation. On the one hand, many of the continent's economies are showing encouraging growth. On the other, structural vulnerabilities, debt burdens, insecurity and climatic hazards are dampening prospects.

According to the latest data from the African Development Bank (AfDB), average African GDP growth is estimated at 3.8% in 20243.2% in 2023. This rebound will be driven primarily by resource-exporting countries, especially those with access to world markets for energy, metals and agricultural raw materials.

Uneven growth drivers

Some countries, such as Rwanda, Côte d'Ivoire and Senegal, continue to show considerable resilience, thanks to investments in infrastructure, economic diversification and human development policies. Others, such as Angola and Nigeria, are benefiting from rising oil prices, although their dependence on this resource exposes their economies to international market fluctuations.

Young people ready to transform the continent

The dynamism of Africa's youth, who make up over 60% of the continent's population, is a major asset. Many young entrepreneurs are investing in the tech, modern agriculture, healthcare and education sectors. If properly supported, this effervescence could become the driving force behind inclusive and equitable growth.

An opportunity to reform

To maintain sustainable growth, the experts call for an overhaul of African economic models. Diversifying income sources, investing in education and innovation, strengthening economic governance and developing regional value chains are among the key recommendations. In addition, green transition - notably through renewable energies, sustainable agriculture and resilient infrastructure - is seen as a strategic opportunity to position Africa in the markets of the future.

The dynamism of Africa's youth, who make up over 60% of the continent's population, is a major asset. Many young entrepreneurs are investing in the tech, modern agriculture, healthcare and education sectors. If properly supported, this effervescence could become the driving force behind inclusive and equitable growth.