Yemi Kale: African economy poised to grow by 3.5% due to ACfTA resilience.
The African economy is expected to grow by 3.5% in 2024 and 4% in 2025, driven by the resilience of the African Continental Free Trade Area (AfCFTA), according to Yemi Kale, Afreximbank’s Group Chief Economist. Intra-African trade is projected to grow by 0.8% on average in the short to medium term, despite a 6.3% contraction in overall African trade in 2023. The AfCFTA is seen as pivotal for economic integration and industrialization.
The 2024 African Trade and Economic Outlook Report highlights the potential for sustainable growth and offers insights for policymakers and business leaders. Nomusa Dube-Ncube noted Africa’s low share of global GDP and trade but emphasized the increasing intra-African trade. Pamela Coke-Hamilton of the ITC stressed the potential for expanding trade between Africa and the Caribbean, with projections of reaching $1 billion by 2028
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