In 2024, African countries faced several headwinds including depreciation of many currencies, high interest rates and rapidly increasing debt service costs.

Climate change continued to pose challenges, raising the vulnerability of countries already facing limited financing for climate adaptation.

Geopolitical risks were accentuated, disrupting supply chains and further fuelling inflation, affecting many African economies.

Yet, amid these challenges, Africa showed resilience.

The continent’s economic growth rate increased to 3.2 percent in 2024 and is projected to rise to 4.2 percent in 2025. Eighteen countries achieved growth rates above 5 percent. Africa also had three of the world’s top 10 fastest-growing economies in 2024.

The African Development Bank played a major role in supporting the growth and development of African countries.

Report by the African Development Bank