The report said growth will continue to be driven by services, trade, construction, manufacturing, and agriculture.
The bank, in its Africa Pulse Report April 2023 edition titled “Leveraging resource wealth during the low carbon transition” said the economic growth is expected to accelerate slightly to an average annual rate of 3 per cent in 2024–25.
It explained that the real gross domestic product growth of the Western and Central Africa subregion is estimated to decline to 3.4 per cent in 2023, from 3.7 per cent in 2022, while that of Eastern and Southern Africa declines to 3.0 per cent in 2023, from 3.5 per cent in 2022. According to the report Sub-Saharan Africa faces a myriad of challenges to regain its growth momentum.
It noted that the sharp deceleration of investment growth has been broad-based across the subregions, resource-abundant and resource-scarce countries, and types of investors . According to the report, slower investment growth in Sub-Saharan Africa is holding back long-term growth of output and per capita income, as well as progress toward achievement of the Sustainable Development Goals.
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