The AfDB said political instability and China’s economic slowdown were compounding the shocks of COVID-19 and Russia’s war in Ukraine. The final figure for 2023 was below the 3.4% growth the AfDB had forecast in November. It also cut its regional growth estimates for central and north Africa, amid a recession in oil producer Equatorial Guinea and the aftermath of devastating flooding in Libya.

Source: The North Africa Journal February 16, 2024 10:05 UTC