5 African countries whose 2023 economic growth were predicted by the World Bank

Some of the Bank’s regional key figures include the Southern African subregion, which is projected to grow to 4.5% in 2023 and 5.0% in 2024. The Western and Central Africa subregion is projected to grow at 5.0% in 2023 and 5.5% in 2024, excluding Nigeria.

An extract from the Bank’s report reads, “amid soaring food prices and supply constraints, policy makers need to avoid making previous policy mistakes (bans or tariffs/taxes on exports and imports), and ensure international trade flows.”

The bank noted that Africa could mitigate the impending economic stagnation that may hit the world if it improves on implementing policies that accelerate structural transformation through productivity-enhancing growth and creating more and better jobs.

However, the bank did not fail to give data on what the growth figures for some African countries may look like in the new year. Below are five of these countries and their growth projections according to the World Bank.

Kenya: According to the bank, this East African nation is set to be at 5.0% in 2023, a decrease from last year’s 5.5%. The country’s economic growth would also bump back up to 5.3% in 2024.