The April 2024 edition of Africa’s Pulse, a biannual survey of African economies, finds that economic activity is set to rebound in Sub-Saharan Africa, supported by increased private consumption and declining inflation. The report projects that growth will accelerate from a low of 2.6% in 2023 to 3.4 % in 2024. However, the recovery remains fragile due to uncertain global economic conditions, growing debt service payments, frequent climate-related disasters, and escalating conflict and violence.  

Overall, the report underscores that despite the projected boost in growth, the pace of economic expansion in the region remains below the growth rate of the previous decade (2000-2014) and is insufficient to have a significant effect on poverty reduction. Transformative policies are needed to address deep-rooted inequality that prevent Sub-Saharan Africa from sustaining long-term growth and effectively reducing poverty.

Report by the World Bank