African economies will grow on average by 3.8% in 2024 prior to increasing by 4% next year, according to an African Export-Import Bank (Afreximbank) project. Afreximbank’s African Trade and Economic Outlook Report 2024 launched today also says the continent’s economies face several downside risks. Despite the challenges, the Afreximbank says the outlook remains positive and most macroeconomic indicators are expected to improve in 2024 and 2025. Per the economist, Africa’s trade contracted by 6.3% in 2023 after expanding by 15.9% in 2022 while Intra-African trade expanded by 3.2% over the same period. According to Dr. Kale: “One group believes that increased urbanization and industrialisation associated with the AfCFTA will worsen carbon emissions.

Source: Ethiopian News June 13, 2024 15:36 UTC