Africa’s economy expected to improve in 2024, according to UN estimates.

While worldwide growth is predicted to slow down, the United Nations (UN) has projected that Africa’s growth rate will slightly increase from 3.3% in 2023 to 3.5 in 2024.

It is anticipated that global growth would decrease from 2.7% in 2023 to 2.4% in 2024.

This is stated in the World Economic Situation and Prospects (WESP) report for 2024, which was released on Thursday in New York by the UN.

The research projects that worldwide inflation will decrease even more, from an expected 5.7% in 2023 to 3.9% in 2024. However, there are still a lot of nations where there are high pricing pressures, and any further escalation of geopolitical turmoil will make things worse.

“Persistently high inflation has further set back progress in poverty eradication, with especially severe impacts in the least developed countries,” said Li Junhua, Head of the UN’s Department of Economic and Social Affairs (DESA).

“It is absolutely imperative that we strengthen global cooperation and the multilateral trading system, reform development finance, address debt challenges and scale up climate financing to help vulnerable countries accelerate towards a path of sustainable and inclusive growth.”

Also according to the report, emerging nations will have trouble accessing international finance markets due to their high levels of foreign debt and rising interest rates.