Africa’s Transformation: AfDB to Inaugurate 2024 Economic Outlook Report

By Milcah Tanimu

The African Development Bank (AfDB) is set to inaugurate its 2024 Economic Outlook (AEO) report on May 30 at the Kenyatta International Convention Centre in Nairobi. AfDB President Akinwumi Adesina announced that the report will be launched in collaboration with African finance ministers, central bank governors, and international development partners during the bank’s annual meetings.

In a statement on Thursday, Adesina emphasized that the AEO 2024 report will evaluate Africa’s economic transformation and sustained development over the past decades. The report will analyze key drivers, constraints, gaps, and policy options necessary for continued progress.

“The AEO 2024 report provides vital, timely evidence and analysis crucial for African policymakers, empowering them to make informed decisions,” Adesina said. He noted that the theme of the 2024 report, “Driving Africa’s Transformation: The Reform of the Global Financial Architecture,” aligns with the theme of the AfDB’s Annual Meetings.

Adesina highlighted the urgency of accelerating Africa’s transformation to help the continent catch up with other regions globally. This acceleration is crucial for Africa to stay on track towards achieving the UN Sustainable Development Goals (SDGs), the African Union’s Agenda 2063, and the AfDB’s High 5s development priorities.

“This transformation is vital for the continent to effectively engage and thrive within global value chains. The recurring and overlapping global shocks, alongside the rapidly widening financing gaps, highlight the pressing need for African countries to refocus their attention on structural transformation to build more resilient economies,” Adesina stated. He pointed out that this need arises amid a global financial system characterized by declining concessional resources for development and increasing non-concessional resources due to rising interest rates.

Adesina also announced that Regional Economic Outlooks and Country Focus Reports would be published later this year, providing additional in-depth analysis to inform regional and country-level policymaking.

The AEO 2024 report aims to provide African policymakers with the evidence and analysis needed to make informed decisions, supporting Africa’s journey towards sustained economic transformation and development.


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